Current location:politics >>
UK cuts national insurance contributions for workers in spring budget
politics4777People have gathered around
Introduction(Xinhua) 08:53, March 07, 2024The United Kingdom's (UK) Chancellor of the Exchequer Jeremy Hunt (1st ...
The United Kingdom's (UK) Chancellor of the Exchequer Jeremy Hunt (1st R) leaves 11 Downing Street to deliver his budget to Parliament in London, Britain, on March 6, 2024. The United Kingdom's (UK) Chancellor of the Exchequer Jeremy Hunt on Wednesday announced in his spring budget that National Insurance contributions would be cut for 27 million British workers. (Xinhua)
LONDON, March 6 (Xinhua) -- The United Kingdom's (UK) Chancellor of the Exchequer Jeremy Hunt on Wednesday announced in his spring budget that National Insurance contributions would be cut for 27 million British workers.
From April 6, employees' National Insurance, a payroll tax, will be cut from 10 percent to 8 percent. Meanwhile, self-employed national insurance will be cut from 8 percent to 6 percent, said Hunt when delivering this year's budget speech in the House of Commons. It is the last budget ahead of the next general election.
"It means an additional 450 pounds (573 U.S. dollars) a year for the average employee, or 350 pounds for someone self-employed," said Hunt.
The move came after a two-percentage-point cut for national insurance from 12 percent to 10 percent in November 2023.
The independent Office for Budget Responsibility (OBR) has estimated that the combined national insurance cuts will mean the equivalent of 200,000 more people in work -- filling one in five vacancies and adding 0.4 percent to GDP per head.
In the Budget, Hunt also raised the child benefit threshold from 50,000 pounds to 60,000 pounds from this April. The taper at which the benefit is withdrawn will also be increased to 80,000 pounds.
"Because of the higher taper and threshold, nearly half a million families with children will save an average of around 1,300 pounds next year," he said.
For businesses in the UK, the chancellor announced that the VAT registration threshold would be increased from 85,000 pounds to 90,000 pounds from April 1.
Hunt also extended the alcohol duty freeze to February 2025, to "benefit 38,000 pubs across the UK." The duty freeze was supposed to end this August.
An excise duty on vaping products will be introduced from October 2026, as well as a one-off increase in tobacco duty, said Hunt.
The chancellor also extended the Energy Profits Levy, a windfall tax on the profits of energy companies, for an additional year to 2029. This will raise 1.5 billion pounds, he said.
According to the OBR, UK inflation is expected to fall below the 2 percent target set by the central bank in a few months' time, Hunt said in his speech.
The OBR has also forecast that the UK economy will grow by 0.8 percent this year, and by 1.9 percent next year. (1 pound = 1.28 U.S. dollars)
The United Kingdom's (UK) Chancellor of the Exchequer Jeremy Hunt poses for photographs as he leaves 11 Downing Street to deliver his budget to Parliament in London, Britain, on March 6, 2024. The United Kingdom's (UK) Chancellor of the Exchequer Jeremy Hunt on Wednesday announced in his spring budget that National Insurance contributions would be cut for 27 million British workers. (Xinhua)
The United Kingdom's (UK) Chancellor of the Exchequer Jeremy Hunt (2nd L) poses for photographs as he leaves 11 Downing Street to deliver his budget to Parliament in London, Britain, on March 6, 2024. The United Kingdom's (UK) Chancellor of the Exchequer Jeremy Hunt on Wednesday announced in his spring budget that National Insurance contributions would be cut for 27 million British workers. (Xinhua)
The United Kingdom's (UK) Chancellor of the Exchequer Jeremy Hunt poses for photographs as he leaves 11 Downing Street to deliver his budget to Parliament in London, Britain, on March 6, 2024. The United Kingdom's (UK) Chancellor of the Exchequer Jeremy Hunt on Wednesday announced in his spring budget that National Insurance contributions would be cut for 27 million British workers. (Xinhua)
The United Kingdom's (UK) Chancellor of the Exchequer Jeremy Hunt poses for photographs as he leaves 11 Downing Street to deliver his budget to Parliament in London, Britain, on March 6, 2024. The United Kingdom's (UK) Chancellor of the Exchequer Jeremy Hunt on Wednesday announced in his spring budget that National Insurance contributions would be cut for 27 million British workers. (Xinhua)
The United Kingdom's (UK) Chancellor of the Exchequer Jeremy Hunt poses for photographs as he leaves 11 Downing Street to deliver his budget to Parliament in London, Britain, on March 6, 2024. The United Kingdom's (UK) Chancellor of the Exchequer Jeremy Hunt on Wednesday announced in his spring budget that National Insurance contributions would be cut for 27 million British workers. (Xinhua)
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Stellar Standpoint news portal”。http://denmark.usblaserengraving.com/news-09f199909.html
Related articles
Xi to Attend Opening Ceremony of Chengdu Universiade
politicsContact Us HomeNewsHighlightACWF NewsSocietyWom ...
【politics】
Read moreUS, Japan and South Korea agree to expand security and economic ties at historic Camp David summit
politicsYour web browser is no longer supported. To improve your experience update it here ...
【politics】
Read moreWater tank installation programme changing lives in the Far North
politicsSite supervisor Rob Purchase, centre, with Tupu Plumbing tauira (students) and kaimahi (workers). Ph ...
【politics】
Read more
Popular articles
- Thailand looks to woo 8 mln Chinese tourists
- Evergrande's bankruptcy may be just the beginning of China's real estate crisis
- Is it the right time to change careers? A consultant answers common questions
- Chinese state media demands British Museum return 23,000 cultural relics
- Highlights of opening ceremony for China's 14th National Games
- Russia hits vast dam in war's largest strike on Ukrainian energy infrastructure, Kyiv says
Latest articles
Chinese national among dead in Bangkok mall shooting
'Very significant' rise in home insurance premiums revealed
Chinese state media demands British Museum return 23,000 cultural relics
Chris Hipkins says sick children shouldn't be at school
China updates train ticket purchasing for foreigners
Ministers announce advisory group for fast
LINKS
- Colin Firth's Pride and Prejudice wet shirt up for auction
- REVEALED: The top 35 fastest
- Shocking moment Oakland jewelry shop owner cowers in terror as gang of hammer
- Father of teen stabbed to death on Apple River by knife
- Clockenflap 2023 guide, schedule and map: Hong Kong abuzz for mask
- BORIS JOHNSON: If Ukraine falls, it'll be a catastrophic turning point in history
- Queen Camilla 'hurt' by Prince Harry's blistering attack in Spare which branded her a 'villain'
- Fury at 'insane' NYC cops who fined mother for letting her four
- Kanye West's ex Julia Fox gives Bianca Censori a run for her money in an X
- Shirley MacLaine, 89, lives it up sipping on a martini with her pals during Malibu lunch date