Autumn Statement 23: Jeremy Hunt cuts NI for 27 million people

Jeremy Hunt: 'This is the biggest tax cut since the 1980s'

Sahar Nazir
clock • 5 min read

Chancellor Jeremy Hunt has revealed in his 2023 Autumn Statement today (22 November) that he will cut National Insurance (NI) by two percentage points - from 12% to 10% - helping 27 million working people.

Speaking in the House of Commons, Hunt said after tax income has gone up by 25% but the Conservatives have "delivered the biggest business tax cut since the 1980s". The new measure will be implemented from 6 January "so people can see the benefits in their payslips from the start of the New Year". He said the changes mean someone on an average salary of £35,000 will save more than £450 a year. "There are high employment taxes on 27 million people, which dis-incentivises the hard work we should be prioritising," Hunt told MPs. "Lower tax means higher growth," Hunt said. He said "dif...

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