Autumn Statement 23: Jeremy Hunt cuts NI for 27 million people

'This is the biggest tax cut since the 1980s'

clock • 5 min read

Chancellor Jeremy Hunt has revealed in his 2023 Autumn Statement today (22 November) that he will cut National Insurance by two percentage points - from 12% to 10% - helping 27 million working people.

Speaking in the House of Commons, Hunt said after tax income has risen by 25% but the Conservatives have "delivered the biggest business tax cut since the 1980s". The new measure will be implemented from 6 January "so people can see the benefits in their payslips from the start of the New Year". He said the changes mean someone on an average salary of £35,000 will save more than £450 a year. Autumn Statement 23: GDP forecasts 'slashed' as inflation expectations climb "There are high employment taxes on 27 million people, which is dis-incentivising the hard work we should be priorit...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

Trustpilot