Jeremy Hunt set to cut National Insurance in Spring Budget - reports

Chancellor expected to cut NI rather than income tax in next week’s speech

Isabel Baxter
clock • 1 min read

Jeremy Hunt is planning a National Insurance (NI) cut in the upcoming Spring Budget next week, it has been widely reported.

As first reported by The Times, the chancellor's mooted cuts to income tax and stamp duty have been shelved due to worsening economic forecasts. As a result, Hunt is expected to use next week's budget to cut NI rather than income tax as he announces a new levy on vaping. The chancellor has significantly scaled back his planned cuts after official forecasts suggested he will have much less money to spend than expected, The Times said. The two main tax cuts expected in the budget are a one percentage-point reduction in employee NI, at a cost of about £4.5bn a year, and an extension o...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Pensions and IHT - is gifting the best option?

Pensions and IHT - is gifting the best option?

‘Advice will be more valuable than ever’

Lisa Webster
clock 22 August 2025 • 3 min read
'Still time' to reconsider IHT/pensions as receipts continue climb

'Still time' to reconsider IHT/pensions as receipts continue climb

But government likely to ‘stubbornly stick’ with proposals, expert says

Jen Frost
clock 21 August 2025 • 3 min read
Financial 'complexities' deterring wealthy families from leaving charitable legacies

Financial 'complexities' deterring wealthy families from leaving charitable legacies

Advisers urged to guide clients as IHT benefits of giving remain underused

Sahar Nazir
clock 20 August 2025 • 2 min read