Use our discovery tool to find out 👇
Chancellor Rishi Sunak has increased the amount you can earn before you start paying national insurance, from £9,880 to £12,570, when the new rate takes effect in July.The change means anyone earning less than £41,389 will pay less in national insurance than they currently do. This is about 70% of workers.
Those on minimum wage will see their salary go up - as the hourly rate is set to rise to £9.50 from £8.91 - but their NI contributions will come down.For example, those with an annual salary over £50,000 will pay £108 more, a 2% rise, when you balance out the higher rate and threshold. But it's worth noting that those people also pay less in national insurance, as a proportion of their income, than anyone earning more than £25,000.Could Mr Sunak have spent the money better to help those on the lowest incomes?
The total cost to the Treasury is about £6.25bn, according to the government's policy costing document published alongside the spring statement.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Spring Statement: Borrowing figures give Rishi Sunak 'wiggle room'One influential economist says government borrowing this year could be about £25bn less that expected.
Read more »
Spring Statement: Will Rishi Sunak help where it really hurts?Don't roll the drums for big financial drama when the chancellor delivers his speech on Wednesday.
Read more »
Chancellor Rishi Sunak to deliver Spring Statement amid price pressuresThe chancellor will give his economic update to the Commons as the cost of living crisis continues.
Read more »
Spring statement: Chancellor Rishi Sunak to unveil plans to build a 'stronger, more secure economy'On Wednesday, Mr Sunak will produce a fiscal statement at a pivotal time for the country when hard pressed families are facing enormous increases in their cost of living.
Read more »
Spring statement 2022: Pressure on Rishi Sunak as inflation hits 6.2%Britain’s inflation rate has risen to more than 6%, heaping on pressure on Sunak to help ease the burden for families and businesses struggling with rising prices
Read more »
Spring Statement: Rishi Sunak announces 5p cut to fuel duty until March 2023
Read more »