£2,000 cut in National Insurance bill for employers

The new Employment Allowance will take the first £2,000 off the employer National Insurance bill of every company in the country.

Around 450,000 small busineses - one third of all employers - will pay no employer National Insurance at all after introduction of Employment Allowance in April next year.

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Govt: Economy 'could be worse'

The Chancellor George Osborne has told ITV's Daybreak that the country's economic problems "could be a lot worse", referring to the situation in Cyprus, as he defended his Budget plans to kickstart the recovery.