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Evening Standard
Evening Standard
Politics
Nicholas Cecil

Rachel Reeves NI hike may push up prices, cut jobs and squeeze pay rises, says Bank of England governor

Rachel Reeves NI United States National Insurance Bank of England Andrew Bailey Insurance Budget

Chancellor Rachel Reeves’ increase in National Insurance on employers may push up prices, cut jobs and squeeze pay rises, says the governor of the Bank of England.

Andrew Bailey gave the grim analsysis just hours after the bank’s Monetary Policy Committee cut interest rates by a quarter point to 4.75%.

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