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...

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