Philip Hammond, Britain’s Chancellor of the Exchequer, has been forced to make a humiliating about turn on plans to introduce national insurance charges for small business.
Here in Bermuda, while our Finance Minister Bob Richards, has so far not made any climbdowns, but he is facing his own problems.
The latest is a delay in the implementation of the employees’ portion of proposed payroll tax reform until July 1. There has been a similar delay with implementing new customs duties.
We have not been informed why there is a delay with the new customs duties nor, judging by the story in the Royal Gazette do we have an explanation for the payroll tax delay.
As a result we are left to speculate. So what could it be? A lack of planning? Kick back from businesses? Whatever the reasons, the optics are incredibly poor, giving the impression of ‘doing a Hammond’.