BCC: NICs hikes adds to severe pressures The British Chambers of Commerce has warned that the rise in National Insurance would add to already severe pressure from runaway inflation and soaring business costs. “[The] rise piles another cost pressure on top of firms at a time when they can ill afford to bear it,” said Shevaun Haviland, the director general of the BCC. “Members are telling us that energy bills are soaring while the price of raw materials are reaching levels many have never encountered before. This comes alongside vastly increased shipping costs and a squeezed labour market.” Treasury figures released in response to a parliamentary question from Labour, show the portion of the NICs hike paid by employers is to raise £8.8bn for the exchequer in the current financial year. Jonathan Reynolds, the shadow business secretary, said the figures showed the Government was not on the side of employers. “The Conservatives' decision to hike taxes during a cost of living crisis will make things even harder for businesses and families,” he said. Elsewhere, new figures collated by the Liberal Democrats show British pubs, restaurants and hotels will be forced to pay £216m more in taxes this year thanks to the tax hike. London Liberal Democrat MP and business spokesperson Sarah Olney said: “This high-tax and anti-business government is out of touch with pub landlords and restaurant owners. After all the pain of the past two years this tax hike is the last thing London hospitality businesses needed.” But Boris Johnson said the increase is “unquestionably the right thing for our country” while Health Secretary Sajid Javid said it would be morally wrong not to increase taxes to pay for social care.