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Ipswich businesses face 'steep' National Insurance rise in new Budget

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We publish the stories that matter and champion everything that's good about our town – without the ads, popups or tracking

Local business leaders have warned that increased National Insurance contributions and minimum wage hikes could put pressure on Ipswich employers, following today's Budget announcement.

The big picture: Chancellor Rachel Reeves has delivered Labour's first Budget since 2010, introducing significant changes that will affect how Ipswich businesses operate from April.

Rachel Reeves with the Budget briefcase
Rachel Reeves has delivered Labour's first Budget since 2010Alamy

Why it matters: Local firms will see their National Insurance contributions rise, while also facing increased minimum wage costs.

  • Businesses will pay National Insurance on workers' earnings above £5,000 from April, down from £9,100 currently.

  • The rate will increase from 13.8% to 15%, raising an estimated £25bn a year nationally.

  • The minimum wage for over-21s will rise from £11.44 to £12.21 per hour.

"As a business owner, there are real concerns that the Government is unaware of the cumulative effect of minimum wage increases and the very steep NI increases," says Colin Low, managing director of Ipswich-based financial planners, Kingsfleet.

On changes to Business Relief limits: The Budget also introduces changes affecting family businesses planning for succession. Changes to Business Relief limits will mean family businesses passing to the next generation face a 20% tax after the first million.

Low describes this as "a significant additional expense for grieving families to have to find" while acknowledging that the changes "may sound quite reasonable" to many.

Yes, but: Some support for businesses was announced:

  • The employment allowance will increase from £5,000 to £10,500, helping firms reduce their NI liability.

  • Corporation tax will remain at 25% until the next election for businesses with profits over £250,000.

The bottom line: While the Budget introduces measures to support some businesses, firms face increased costs through higher National Insurance contributions and wage bills.

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Man charged after St Helen's Street assault leaves victim in hospital

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An argument in Ipswich town centre escalated into an assault that left one man in hospital on Tuesday. Police are now seeking dashcam footage as they build their case.

Why it matters: The incident occurred in a busy area of Ipswich's town centre, with police now seeking public assistance to gather additional evidence as they build their case.

The details: Keith McKenzie, 48, of Bond Street, has been charged with assault causing grievous bodily harm.

  • The assault took place at approximately 21:45 on Tuesday near the junction of St Helen's Street and Bond Street

  • A man in his 30s sustained arm injuries following an argument with an unknown assailant

  • The victim walked to Tavern Street to seek help before being taken to hospital

  • He has since been discharged

What's next: McKenzie appeared at Ipswich Magistrates Court on Thursday, 6 February and was remanded in custody. He is due to appear at Ipswich Crown Court on Thursday, 6 March.

How to help: Detectives want to hear from anyone who was driving in the area between 21:35 and 21:50 on Tuesday with dashcam footage that might have captured the altercation.

The bottom line: Anyone with information should contact South CID at Suffolk Police, quoting reference 37/6562/25, via:

  • Website: suffolk.police.uk/tell-us

  • Phone: 101

  • Crimestoppers: 0800 555 111 (anonymously)

Oliver Rouane-Williams speaking with an elderly couple in the town centre

We can't do this without you!

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