Spring Statement 2022: Chancellor rejects calls to delay National Insurance increase

In the Spring Statement, Sunak said the "difficult but responsible decision" to raise NI contributions was to help support social care and NHS funds. However, to help shoulder the new levy and tackle the cost-of-living crisis currently sweeping the UK, the Chancellor has raised the NI threshold for the amount earned before incurring a tax to £12,570, a £3,000 increase, which will come into effect in July 2022. "That's a £6bn personal tax cut for 30m people across the UK, a tax cut for employees worth over £330 a year," Sunak noted. However, with inflation hitting a 30-year high at ...