Rachel Reeves is also expected to lower the threshold for when employers start paying the tax, in next week's Budget.
Faisal Islam is the Economics Editor at the BBC. He specializes in business and economics, covering significant topics such as the financial crisis, the Eurozone, and UK political affairs, with a keen focus on markets and the impacts of the Russia-Ukraine War. Faisal's work has been featured in prominent outlets including Yahoo News, The Guardian, and BBC World.