Jeremy Hunt has announced cuts to employee National Insurance from 12 percent to 10 percent.
The cut will be introduced from January 6, 2024 and save millions of people around £450 a year.
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 added: “It means someone on the 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.”
The Chancellor told MPs this change would “help 27 million” by putting extra money in their payslips.
The OBR states these lower taxes mean more people will be in work.
These measures will lead to around 94,000 full-time employees in the economy.
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