Autumn statement: Jeremy Hunt cuts national insurance from 12 per cent to 10 per cent
One of the headline announcements in Jeremy Hunt’s autumn statement today was his pledge to cut national insurance by 2 percentage points from 12 per cent to 10 per cent.
He said: “If we want people to get up early in the morning, if we want them to work nights, if we want an economy where people go the extra mile and work hard, then we need to recognise that their hard work benefits us all. So today, Mr. Speaker, I’m going to cut the main 12% rate of employee national insurance”.
He added: “If I cut it by one percentage point to 11 per cent, that would be an extra £225 in the pockets of the average worker every year. But instead, I’m going to go further and cut the main rate of employee national insurance by two percentage points to 10 per cent. And that change will help 27 million people. It means someone on the average salary of £35,000 will save over £450”.