Current location:opinions >>
UK cuts national insurance contributions for workers in spring budget
opinions7People 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 The taper at which the benefit is withdrawn will also be increased to 80,000 pounds.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.“Culture Quest news portal”。http://cambodia.soorot.com/content-54b999909.html
Related articles
Hall of Fame outfielder Ken Griffey Jr. to lead Indianapolis 500 field in Corvette pace car
opinionsINDIANAPOLIS (AP) — Hall of Fame outfielder Ken Griffey Jr. will drive the pace car for the 108th ru ...
【opinions】
Read moreChris Pine again wears his I Love LA T
opinionsChris Pine has recycled the I Love LA T-shirt he wore at his Poolman Los Angeles premiere last week. ...
【opinions】
Read moreBloody brawl breaks out at Massachusetts courthouse between families of 36
opinionsA bloody brawl broke out between the family of a young woman mowed down in a road rage incident and ...
【opinions】
Read more
Popular articles
- ‘The Blue Angels,’ filmed for IMAX, puts viewers in the ‘box’ with the elite flying squad
- Fire severely damages a Los Angeles County fire station
- Critics question if longtime Democratic congressman from Georgia is too old for reelection
- Georgia parliament cancels session after building damaged during huge protests
- The Latest
- Abortion consumes US politics, courts two years after SCOTUS draft leak
Latest articles
Yu Darvish extends scoreless innings streak to 25 in Padres' 9
Tyra Banks reveals she had very first alcoholic drink AFTER turning 50: 'It wasn't worth it!'
More money is going to African climate startups, but a huge funding gap remains
Pakistan recalls Hasan Ali for tour to Ireland and England, delays announcing T20 World Cup squad
Election 2024: Biden and Trump bypassed the Commission on Presidential Debates
Australian hockey legend expects Olympic medal for China women's team
LINKS
- Reds' bullpen picks up after injured starter leaves, beats the Angels 3
- Facebook billionaire Mark Zuckerberg, 39, stuns the internet with his WILD 'glow up'
- Sarah Jayne Dunn sets pulses racing in animal print bra as she joins chic Georgia May Foote at CO
- Fiorentina wins 2
- United escapes with shootout win after blowing three
- Tens of thousands of Colombians protest against leftist president's reform agenda
- Facebook billionaire Mark Zuckerberg, 39, stuns the internet with his WILD 'glow up'
- United escapes with shootout win after blowing three
- The Pittsburgh Pirates are reeling after a hot start. And Paul Skenes isn't around
- Hong Kong loses ground as top container port amid change in status — Radio Free Asia