The main rate of National Insurance has been cut by 2p from Saturday, saving £450 this year for the average salaried worker on £35,400.
Millions of people working different jobs across hundreds of industries will now be better off. An average full-time nurse will save £520, a typical junior doctor £750 and an average teacher £630.
In the past year, inflation has halved; the economy has recovered more quickly from the pandemic than first thought; and debt is on track to fall. With a renewed focus on the long-term decisions to strengthen the economy, the government is changing gear and cutting taxes for hard working people, giving them the opportunity to build a wealthier, more secure life for themselves and their families.
Chancellor of the Exchequer Jeremy Hunt said: “With inflation halved, we’ve turned a corner and are cutting taxes – starting with today’s record cut to National Insurance worth nearly £1,000 for a household.
“From nurses and brickies, to cleaners and butchers, 27 million hard-working Brits will have a little more cash in their pockets.”
