The UK government has implemented a significant tax reduction for workers and self-employed individuals, marking the largest ever cut to National Insurance contributions with a 16% reduction. The main rate has been lowered from 12% to 10%, which translates into substantial savings for millions of employees across the country. For the median worker earning £35,000 annually, this change results in a yearly saving of £450, while those earning £50,270 or more will save £754 a year. In particular, constituents in Workington will see a reduction of £513 per year. The tax cut, which was announced in the previous year's Autumn Statement and came into effect on January 6, aims to leave more money in the pockets of hard-working individuals, benefiting around 27 million people. Chancellor Jeremy Hunt has expressed a commitment to further tax reductions if possible, emphasizing the Conservative government's belief in low taxes. The new rates come into effect amidst discussions about the financial pressures faced by many households, with Labour criticizing the move as insufficient and some economists pointing out the continued burden of high taxes. Employees working 25 hours on minimum wage will save 38p a week.
From today National Insurance contributions for employees are dropping from 12% to 10%. This rewards hard workers & means the average employee on a £35,400 salary will save £450 a year. Chancellor @Jeremy_Hunt spoke to broadcasters this morning about the good news. https://t.co/XqcFUKCP5G
Cutting tax for millions. This week Chancellor @Jeremy_Hunt visited @WeAreOpenreach where he met employees to speak to them about the cut to National Insurance contributions, saving the average employee £450 a year. Find out how much you might save 👇 https://t.co/exVfBakY2y https://t.co/RlxKlK1hcF
Great news today. 27 million workers across UK see the largest ever National Insurance cut - from 12% to 10%. More people getting to keep more of their hard earned money. @Conservatives https://t.co/E0FxLuj5kg https://t.co/taEW4LL3ye
Happy Tax Cut Day. From today, 27 million workers get a tax cut because of the cut to National Insurance. Supporting hard working people.
I pushed for the NI threshold lift in 2022. That change saved workers around £330. This means an average worker now pays around *£700* less National Insurance than a couple of years ago. https://t.co/8sGjotN5Ar
The main rate of National Insurance paid by employees will drop by two percentage points, from 12 per cent to 10 per cent. Chancellor Jeremy Hunt said the reduction means "that a typical family with two earners will be nearly £1,000 better off this year". 👇 https://t.co/l7ZSrpiAND
Very welcome cuts to National Insurance coming into effect today👇 https://t.co/52OzlBWp1n
We’re cutting taxes for 27 million working people from today. ✂️ 💰 Calculate your savings: https://t.co/eZaR9XqYjn https://t.co/CpnzonRtOR
The government's National Insurance reduction comes into force today, from 12% to 10%, impacting around 27 million payroll employees across the UK Use the calculator in our Money blog below to check how much NI tax you'll now pay per year 📉⬇️ https://t.co/Af3DRQnJPG
✂️ Today sees the largest ever National Insurance cut for workers and self-employed people - a 16% cut in your NI bill. ⬇️ For the median salary in the Workington constituency, that means a reduction of £513/year. https://t.co/6jG4gLy5Pw
NEWS: From today we're cutting National Insurance contributions for employees from 12% to 10%, a £450 a year saving for the average worker making £35,400 a year. Want to know how much the new tax cut could save you & your friends & family? Share our new online tool to find out.
From today, 27 million workers - both payroll and self employed - get a tax cut with National Insurance cut Check out if you’ll benefit here >>> https://t.co/CgKXT5hF81 https://t.co/E74ee2wwxh
We’re cutting taxes for 27 million working people from today. Calculate your savings: https://t.co/Pqt7fhKRBd https://t.co/ZdsPrJZuJJ
We're cutting taxes for working people. For the average worker in #MiltonKeynes today's tax cut will save you £450 a year. Find out how much you will save 👇🏻 https://t.co/e0TjgU69qU https://t.co/dm5AOJ7E3l
Today is a big day. We’re cutting taxes for hard working people, coming into effect today. It’ll be worth almost £450 for the average worker. Find out more here: https://t.co/7QKzFrpo4B https://t.co/6jxWVCX4kt
From today, 27 million working people will pay less tax. It’s taken tough decisions to get to a place where we can cut tax responsibly but as soon as we could, we have. Conservatives believe in low taxes. If we can go further this year, responsibly and sustainably, we will. https://t.co/zvqObsi1eX
From today over 27 MILLION people across the UK will see their taxes cut. That's £450 for an average worker. Find out how much you'll save thanks to our National Insurance cuts. 👇 ✂️ https://t.co/aREYDtucPC
Today we cut National Insurance by 2%. https://t.co/JYzwZrzfRU
The main rate of national insurance will be cut from 12% to 10% today The move, announced in last year’s autumn statement, was hailed by the Conservatives but Labour called it a “raw deal” and economists said many households are still facing the burden of high taxes. https://t.co/jhJgagO5Zc
The Conservative government is cutting tax for hard working people. Today National Insurance contributions for employees will drop from 12% to 10%, saving the average employee £450 a year on an annual salary of £35,400. https://t.co/exKT9ynCWt
"If I can afford to go further I will." Chancellor @Jeremy_Hunt on the tax cut today which will save the average employee on a £35,400 salary £450 a year. Want to see how much you might be able to save? Click the link below 👇 https://t.co/exVfBalvS6 https://t.co/pNltHsJvsY
We are cutting tax for hard working people. Today National Insurance contributions for employees will drop from 12% to 10%, saving the average employee £450 a year on an annual salary of £35,400. Click the graphic below to see how much you could save from the tax cuts.
We’re cutting taxes for over 27 MILLION workers across the UK. Find out how much you'll save thanks to our NI tax cuts. 👇 🔗 https://t.co/J4SgAv30Ll
Tomorrow 6 January the main rate of national insurance is cut from 12% to 10%, its lowest for over twenty years. People earning £50,270 or more will save £754 a year, so be £62 a month better off. People working 25 hours on minimum wage will save 38p a week. Plus ça change.
Tomorrow 27 million people will benefit from a cut in their National Insurance - announced in last year's Autumn Statement. The public know how to spend their money better than anyone else, so an average of £450 a year back in pockets is a victory for hard working people. https://t.co/ZpTR8J9wCm
Tomorrow 27 million people will benefit from a cut in their National Insurance - announced in last year's Autumn Statement. The public know how to spend their money better than anyone else, so an average of a £450 a year back in pockets is a victory for hard working people. https://t.co/0TMKesEXRO
💷Some good news to start the year: we are cutting taxes for 27 million working people from January. ⬇️We are lowering the main rate of National Insurance Contributions from twelve per cent to ten per cent. For the median worker earning £35,000 a year, that means a £450 tax… https://t.co/lyU6jE5EJU
✂️ Tomorrow sees the largest ever National Insurance cut for workers and self-employed people - a 16% cut in your NI bill. ⬇️ For the median salary in the Workington constituency, that means a reduction of £513/year. https://t.co/SdzEehvY3P
✂️ Saturday sees the largest ever National Insurance cut for workers and self-employed people - a 16% cut in your NI bill. ⬇️ For the median salary in the Workington constituency, that means a reduction of £513/year. https://t.co/kFQ89PC2FV