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

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

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...