What the autumn statement National Insurance cut means for you - calculate your pay and savings

manchestereveningnews.co.uk:

Chancellor Jeremy Hunt announced in his autumn statement that National Insurance will be slashed in the New Year. Tens of millions of workers will see their national insurance rate drop from 12 per cent to 10 per cent on earnings between £12,571 and £50,271 next year.

While typically this wouldn't be introduced until April, the start of the next financial year, Mr Hunt said emergency legislation would be introduced to bring in the new cuts much sooner on January 6, 2024.

For someone working full-time and earning a wage of £34,963, it means only £2,239 a year will be paid towards National Insurance compared to £2,687.

Overall, that equals £448 in savings a year or £37.33 a month. Read more: How much monthly DWP Universal Credit payments will be in 2024/25 Read more: 10 key announcements from Jeremy Hunt's autumn statement including major tax cuts Talking about the new cut, Mr Hunt told MPs: "It means someone on the average salary of £35,000 will save over £450.