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When accounting for inflation, UK regular pay between February and April fell 2.2% compared to the previous year, the Office for National Statistics (ONS) announced today. “If you exclude bonuses, pay in real terms is falling at its fastest rate in over a decade,” said Sam Beckett, Head of Economic Statistics at the ONS. When taking bonuses into account, this figure changes to a rise in pay of 0.4%.

When accounting for inflation, UK regular pay between February and April fell 2.2% compared to the previous year, the ONS announced today.

As the economy begins to recover from the pandemic, HM Revenue and Customs (HMRC) are is beginning to enjoy increased revenue streams again. What do you need to know about the National Insurance increases in April? Today, HMRC recorded £597.6 billion in receipts for April 2021 to January 2022. This is £124.8 billion higher than the figure recorded a year earlier which is largely due to the economic recovery from the pandemic. “The data shows the nation continuing to emerge from the pandemic with income tax and national insurance continuing to surge as more people return to work,” said Helen Morrissey, Senior Pensions and Retirement Analyst at Hargreaves Lansdown. This was reflected in the increase in receipts for self-assessment income tax and National Insurance Contributions (NIC) for the period of April 2021 to January 2022. This value stood at £15.1 billion, which is £5.3 billion higher than in the same period a year earlier. “The continuing rise in these receipts signals good news as we see more people in work but many of us are also bracing ourselves for the forthcoming 1.25 percentage point rise in national insurance - otherwise known as the Health and Social Care levy - due to come in April,” warned Morrissey.

As the economy begins to recover from the pandemic, HM Revenue and Customs (HMRC) are is beginning to enjoy increased revenue streams again.