Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of increased NICs on the financial viability of Oakwood Theme Park in Pembrokeshire.

A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer National Insurance contributions (NICs). The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.

The Government decided to protect the smallest businesses from these changes by increasing the Employment Allowance from £5,000 to £10,500. This means that this year, 865,000 employers will pay no NICs at all, and more than half of all employers will either gain or will see no change.

While retail, hospitality and leisure are devolved responsibilities, the UK Government is committed to supporting the Welsh tourism and hospitality sectors. In February, the Government announced a £15 million investment for Venue Cymru and the Newport Transporter Bridge. These are two key projects that will help boost the tourism and culture sectors in Wales.