It was a change Mr Hunt said would “help 27 million” people by putting extra money in their payslips.
On January 6th, the main rate of national insurance was cut by two percentage points, from 12% to 10%, and now the Treasury is urging Brits to “check your payslip.”
A message posted on X, formerly known as Twitter, reads: “Check your payslip. This payday millions of workers will see their National Insurance contributions cut from 12% to 10%, saving the average employee £450 a year on an annual salary of £35,400. Want to find out how much you could be saving? Click the graphic below.”
Check your payslip.
This payday millions of workers will see their National Insurance contributions cut from 12% to 10%, saving the average employee £450 a year on an annual salary of £35,400.
Want to find out how much you could be saving?
Click the graphic below 👇
— HM Treasury (@hmtreasury) January 29, 2024
Community Notes subsequently left a message on this post.
Jeremy Hunt told the Commons he would bring forward urgent legislation to Parliament to introduce the cut in national insurance for employees “from January 6, so that people can see the benefit in their payslips at the start of the new year”.
He continued: “It means someone on an average salary of £35,000 will save over £450. For the average nurse, it is a saving of over £520 and for the typical police officer it is a saving of over £630 every single year.”
At the start of the month, Mr Hunt added: “Today’s cut in national insurance by 2% means that a typical family with two earners will be nearly a thousand pounds better off this year.
“But we want to do this because it helps families”
“That is really important in a cost-of-living crisis where people have been feeling real pressure on family budgets, but also it rewards work, it’ll bring more people into the labour force and that is good for growing the economy.”
He said: “It’s the start of a process, as Chancellor if I can afford to go further I will, I don’t yet know if I can.
“But we want to do this because it helps families, it also helps to grow the economy, and we believe that a lightly taxed economy will grow faster and in the end that’ll mean more money for public services like the NHS.”
