Current location:style >>
UK cuts national insurance contributions for workers in spring budget
style98People 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 The taper at which the benefit is withdrawn will also be increased to 80,000 pounds.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 Scope news portal”。http://sierraleone.brittasbay.org/news-10f399897.html
Related articles
ABC News president Kim Godwin steps down
styleNEW YORK (AP) — Kim Godwin is out after three tumultuous years as ABC News president, a move presage ...
【style】
Read moreBrittany Mahomes pays tribute to 'hotttttt' husband Patrick amid dad
styleBrittany Mahomes gushed over her husband Patrick not long after the three-time Super Bowl MVP was ma ...
【style】
Read moreInside Emma Roberts' $3.6M 'grown
styleEmma Roberts opened up about making her $3.6 million Los Angeles home, previously owned by Minnie Dr ...
【style】
Read more
Popular articles
- Two suspects arrested in fatal shooting on Delaware college campus are not students, police say
- Skeletal remains found at home in Illinois identified as those of woman missing since 2008
- Dubai rain: Why experts don't think cloud seeding played a role
- CJ Abrams' leadoff homer lifts Nationals over Dodgers 2
- Trump faces jail threat over gag order as prosecutors zero in on transactions at heart of the case
- Lebanon says Israeli agents likely killed Hezbollah
Latest articles
California reports the first increase in groundwater supplies in 4 years
Free Cone Day is back at Ben & Jerry's
Lawyers for Larry Nassar assault survivors reach $100M deal with DOJ, source says
Uber is helping investigators look into account that sent driver to Ohio home where she was killed
Biden speaks with Netanyahu as Israelis appear closer to major Rafah offensive
Ethnic Mon groups announce anti
LINKS
- Mutianyu section of Great Wall
- Book on Xi's Discourses on Management of Water Resources Published
- Xi Meets Indonesian President
- Xi Holds Talks with Algerian President
- Airshow China displays advanced technology, shared market
- Scenery of Xiaxi Reservoir in SW China's Guizhou
- Scenery of Xiaxi Reservoir in SW China's Guizhou
- Scholz to pay three
- China lodges protests against Japan actions
- HK vibrant with celebratory atmosphere ahead of 25th anniversary of return to motherland