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Chancellor's Budget Unveils 2p NI Cut
Chancellor's Budget Unveils 2p National Insurance Cut
In a recent announcement during the recent Budget, Chancellor Jeremy Hunt revealed a 2p reduction in National Insurance, shaping the landscape of taxation and spending plans. This move is poised to make a notable impact on individual savings and workforce dynamics.
Savings for Average Worker: £450 Annually
The National Insurance cut, specifically designed to benefit the average worker, comes to an annual savings of approximately £450 for those with a £35,000 salary. When combined with the 2p reduction declared in the previous year's Autumn Statement, individuals can expect a substantial total annual saving of £900.
Criticism from Sir Keir Starmer: "Delusion" and a "Last Desperate Act"
Opposition leader Sir Keir Starmer did not mince words, accusing the Conservative government of being in a state of "delusion" and characterising the budget as "the last desperate act of a party that has failed." This criticism adds a political dimension to the aftermath of the Chancellor's announcements.
Key Takeaways from the Chancellor's Announcements
Breaking down the key points from the Chancellor's announcements provides a comprehensive understanding of the implications:
- National Insurance cut by 2p, lowering the rate from 10% to 8%.
- Significant savings of £450 per year for individuals earning £35,000 annually.
- Cumulative impact with the previous Autumn Statement's 2p cut results in an annual saving of £900.
- Independent estimates suggest the 2p cut will bring an additional 28,000 people into the workforce.
- The National Insurance cut poses an annual cost of approximately £10 billion for the government.
- Changes in National Insurance for self-employed individuals, including a reduced rate of 8% on profits and the elimination of Class 2 contributions.
For more information regarding the latest announcement click here