National insurance rate to be cut for 27 million workers

manchestereveningnews.co.uk:

Chancellor Jeremy Hunt has announced the government will slash national insurance for up to 27 million workers. During his autumn statement, he confirmed that national insurance will be urgently cut from 12 per cent to 10 per cent.

While the cuts would usually be introduced in the next financial year, Mr Hunt said emergency legislation would be introduced to allow them to come into place from January 6, 2024.

Mr Hunt told the House of Commons that it would allow someone on an average salary of £35,000 to save over £450. The policy was announced alongside a boost to the National Living Wage which will see workers also earning more cash next year. Read more: Martin Lewis encourages families to have 'difficult conversation' before it's too late Read more: Martin Lewis says 'wait a couple of days' as he issues warning to anyone with savings Mr Hunt told MPs: "It means someone on the average salary of £35,000 will save over £450.

For the average nurse, it is a saving of over £520 and for the typical police officer it is a saving of over £630 every single year.” The National Living Wage will rise from £10.42 to £11.44 per hour from April 2024.