Martin Lewis warns some workers face 'reduced salaries' after Budget

Martin Lewis has warned some employees and workers face "reduced salaries" off the back of the Labour Party Budget. The BBC Sounds podcast host and ITV regular spoke out on Twitter, now X, over the Autumn Statement today.

He said: "The change of threshold so employers now start paying National Insurance at £5,000 not £9,100 is big. For the employers who pay it, at the new 15% rate that alone's £615 increased cost per most employees per year.

"The question is where will that money come from, profits, increasing charges or reducing salaries/benefits?" Following Chancellor Rachel Reeves' Autumn Budget, Matthew Parden, CEO of Marygold & Co., is available to discuss how individuals and businesses can navigate these impending financial shifts.

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Parden emphasises that Marygold & Co.'s upcoming app will include features to help small business owners track and optimise their National Insurance contributions. Matthew Parden, CEO of Marygold & Co, said: "Navigating the new tax increases will be a challenge for Brits due to complex legislation that evolves slowly. The intricacies of tax law, particularly pension reforms have grown over time, with this complexity often benefiting tax advisors and financial planners. This highlights the need for ongoing updates and maintenance, similar to keeping technology current.

“The real difficulty lies in the legislative detail, which often takes time to unfold. Anything complex is a goldmine for tax advisors and financial planners. A great example is the pension reforms, which have become so convoluted and intricate over the years that they are difficult for most people to understand. These layers of complexity stem from years of constant changes and tinkering, turning tax law into a long, tangled history that needs constant updates."

He said: "Labour closed a loophole created by the previous government which exempted pensions from IHT. Any further proposed reforms surrounding the inclusion of pensions in inheritance tax should focus on fairness, ideally taxing only once, possibly through modifications to income tax."