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National Insurance holiday scheme falls short

National Insurance holiday scheme falls short
Thursday, 12 January 2012 16:22

Has the National Insurance holiday scheme worked?

Not according to Owen Smith MP, shadow exchequer secretary. According to the Treasury £6 million has been paid out under the scheme but the costs of administration have been double that at an estimated £12 million.

The Treasury statistics show that the take up of the scheme that exempts qualifying new businesses in certain eligible regions for up to £5k in National Insurance was well below the expected 400,000 business. To date 10,000 only firms have benefitted.

Owen Smith went on to call the scheme a "total flop"

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