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The tax gap estimate was 5.3% for the 2023/24 tax year, according to the latest data from HMRC.
The Bank of England recently held interest rates at 4.25%, with its Governor warning that 'the world is highly unpredictable'.
Research carried out by market research firm Censuswide has revealed that a third of business owners are planning to cut jobs as a result of rising employer National Insurance Contributions (NICs).