National Insurance cut by 2% with average worker saving £450 a year
Chancellor Jeremy Hunt has cut National Insurance for workers by another 2p from April 6.
It means the average worker will save around £450 a year as the rate falls from 10% to 8% as he pledged to ‘make work pay’.
The self-employed rate is set to fall from 8% to 6%.
Mr Hunt said 27 million people will get an average tax cut of £900 a year and 2 million self-employed people will get £650 when combined with reductions from the autumn statement.
He said at the spring budget the changes ‘make our system simpler and fairer, and will ‘grow our economy by rewarding work’.