Jeremy Hunt has unveiled a series of measures from a cut to NI to changes to the child benefit system. Here are the details
general election later this yearCurrently, employees pay 10 per cent of their earnings over £12,570 towards NI – and 2 per cent on income over £50,270.It means an employee on a salary of £30,000, who is currently paying £1,743 a year in NI, will see the amount they pay fall by £348.60 to £1,394.40.
With most savings accounts, you pay tax on interest over £1,000 if you are a basic-rate taxpayer – earning more than £12,570 – and £500 if you’re a higher-rate payer – i.e. if you earn over £50,271. Mr Hunt provided a very brief update on this in his Budget, to confirm the Government was still on track to deliver it.
The Chancellor added: “I have decided that – with the battle against inflation still not over – now is not the time to stop the targeted help it offers. We will therefore continue it at current levels for another six months.”“Without any action today, it would have been due to rise by 3 per cent. So today I have decided to extend the alcohol duty freeze until February 2025.”
Voters and MPs from a series of constituencies, particularly in the West Country, have lobbied the Chancellor to reform the system. Mr Hunt claimed that reducing the tax would “bring in more revenue,” as it would encourage more sales.
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