Plans to increase National Insurance for the self-employed have been scrapped.
The news comes just one week after Chancellor Philip Hammond announced the increase in his Budget speech; when he planned to raise the rate of Class 4 National Insurance from 9% to 10% in April 2018 and to 11% in April 2019.
"It is very important both to me and to the prime minister that we are compliant not just with the letter, but also the spirit of the commitments that were made," said the Chancellor.
"There will be no increases in National Insurance rates in this Parliament.
"In the light of what has emerged as a clear view among colleagues and a significant section of the public, I have decided not to proceed with the Class 4 NIC measure set out in the Budget."