Surrey MP Jeremy Hunt cuts national insurance tax by 2%
The Government says this means someone earning £35,000 will save £450 this year.
Thousands of people across Surrey and East Hampshire are waking up to a tax cut today - as National Insurance is cut from 12 to 10 percent.
The Government says it means someone earning the average salary of 35 thousand pounds will save 4 hundred and 50 pounds this year.
They say millions of people working different jobs across hundreds of industries will now be better off.
For example, the government say an average full-time nurse will save £520, a typical junior doctor £750 and an average teacher £630.
Prime Minister Rishi Sunak said:
“We have made tough decisions on the economy, supporting people through global shocks such as the pandemic and Putin’s illegal invasion of Ukraine.
"It is because of the tough decisions this government has taken that today we are able to cut taxes for 27 million people across the UK.
“Today’s tax cuts will directly reward hard working people, putting £450 back in the pocket of the average worker and helping them make ends meet.”
Chancellor of the Exchequer Jeremy Hunt said:
“With inflation halved, we’ve turned a corner and are cutting taxes – starting with today’s record cut to National Insurance worth nearly £1,000 for a household.
“From nurses and brickies, to cleaners and butchers, 27 million hard-working Brits will have a little more cash in their pockets.”
Who does this help?
The government say:
• A senior nurse with 5 years of experience on £42,618 will receive an annual gain of £600.
• An average full-time nurse on £38,900 will receive an annual gain of over £520.
• An average police officer on £44,300 will receive an annual gain of over £630.
• A typical junior doctor on £63,000 will receive an annual gain of over £750.
• A cleaner working night shifts on £21,000 will receive a gain of £170.
• A typical self-employed plumber on £34,400 will receive an annual gain of £410.
• An average teacher on £44,300 will receive an annual gain of over £630
• A hard-working family with 2 earners on the average earnings of £35,404 will be £900 better off.
The government launches online tax tool
To mark the tax cut - an online tool's been launched by HMRC to help people understand how much they could save in National Insurance this year.
The tool will use salary information to give employees personalised estimates of how much they could save because of the government’s changes, and will be hosted on the government’s cost of living support website.