The Chancellor has abandoned plans to increase self employed Class 4 National Insurance rates announced last week.
Following criticism for breaking an election manifesto pledge Philip Hammond wrote to Conservative MPs, saying:
"I have decided not to proceed with the Class 4 NIC measure set out in the Budget. There will be no increases in NICs rates this parliament.
We will continue with the abolition of Class 2 NICs from April 2018. The cost of the changes I am announcing today will be funded by measures to be announced in the Autumn Budget."