Spring Budget 24: Chancellor cuts NI by another 2p

National Insurance cut was major announcement in 2024 Spring Budget

Jenna Brown
clock • 3 min read

Chancellor Jeremy Hunt has today cut National Insurance (NI) by a further 2p.

The latest reduction follows the initial 2p reduction for 27 million workers in the 2023 Autumn Statement. Hunt said the main rate of NI would call from 10% to 8% meaning the average worker would save about £450 a year. For self-employed workers, it will fall from 8% to 6% equating to a saving of about £350 a year. He said the changes would "make our system simpler and fairer". Hunt added the long-term aim of the Conservatives was to further reduce NI. "The way we tax people's income is particularly unfair. Our long-term ambition is to end this unfairness. "We will continue t...

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