Next boss Simon Wolfson leads Lords charge against National Insurance hike

The CEO of retail heavyweight Next, Lord Wolfson, has thrown his support behind efforts in the House of Lords to amend the proposed changes to employer's National Insurance Contributions (NICs). Baroness Noakes has tabled amendments to the bill which have garnered Lord Wolfson's backing.

In the Labour Budget last Autumn, Chancellor Rachel Reeves announced an increase in NICs from 13.8% to 15%, alongside a reduction in the threshold for employee wage eligibility for the tax from £9,500 to £5,000 per year, as reported by City AM.

Lord Wolfson, a Conservative peer since 2010, recently expressed concerns to the BBC that the tax hikes outlined in the Budget would make it increasingly difficult for individuals to enter the workforce.