Hammond scraps week old National Insurance rise.

Chancellor Phillip Hammond, today, announced his intention to scrap the proposed increase in National Insurance tax on the self-employed introduced a week prior in the spring budget. Despite the loss of £500m a year the amendment has been seen as a politically fuelled U-turn to stem the backlash from the party back benchers on breaking a Conservative 2015 election promise not to raise the tax burden on the self-employed.