The GSD has said that the confirmation by Sir Joe Bossano on GBC Viewpoint that people will suffer further increases in social insurance contributions this year and next year as part of “reforms” to the social security system will come as a “further blow” in a year of “rising costs, mounting inflation, eroding wages and higher taxes fees and charges.”

A statement continued: “These increases revealed in the Viewpoint programme were not announced in the budget and will layer further pressure on employers and employees. Even if the increases are small [at 1% this year and next year] they cannot be seen in isolation but instead need to be appreciated against the wider backdrop of higher taxes, fees and charges. The combination of all these with inflation will mean that some families will have 10-15% less money in their pockets this year as a result of the overall effect of these budget measures.”