Current location:travel >>
UK cuts national insurance contributions for workers in spring budget
travel9999People 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 The taper at which the benefit is withdrawn will also be increased to 80,000 pounds.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.“Stellar Sphere news portal”。http://chile.downmusic.org/article-65f699887.html
Related articles
Dame Judi Dench's tears as she receives Sycamore Gap tree seedling at Chelsea Flower Show
travelDame Judi Dench shed a tear yesterday after being presented with a seedling from the famous Sycamore ...
【travel】
Read moreWWII soldiers posthumously receive Purple Heart medals 79 years after fatal plane crash
travelPEARL HARBOR, Hawaii (AP) — The families of five Hawaii men who served in a unit of Japanese-languag ...
【travel】
Read moreTips to make a house safe and accessible for older adults
travelWith a majority of Americans preferring to live in their own homes as long as possible, experts stre ...
【travel】
Read more
Popular articles
Latest articles
Brazil replaces injured goalkeeper Ederson in Copa America squad
Netherlands' Joost Klein booted from Eurovision 2024
Arizona Cardinals agree to terms on 1
Kim Kardashian sparks shock cosmetic surgery theory after expert spots key detail at Met Gala
Macron is making a surprise trip to New Caledonia amid deadly unrest and indigenous frustration
The 49ers are counting on new defensive coordinator Nick Sorensen to get the unit back to dominance
LINKS
- Researchers uncover future variations of irrigation water use in China
- One in 10 Germans becomes victims of identity theft: survey
- French president calls again for ceasefire in Gaza
- Xinjiang diverts floodwater to revive forests impacted by drought
- 2024 Kearney FDI confidence index upgrades China's ranking from 7th to 3rd
- Chang'e 6 to carry foreign science payloads
- Italy to kick off title defense in men's volleyball
- Giving China's treasures a modern touch
- Eurozone inflation further cools in March
- Ukraine says Russian warship in Baltic Sea out of service after fire