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In his 2024 Budget, Jeremy Hunt has announced a reduction of 2 percent in national insurance, in an effort to attract voters before this year’s general election.
Mr. Hunt states that when combined with the previous national insurance decrease from last autumn, the two tax concessions will result in the average worker receiving an additional £900.
Additional actions to assist individuals that were declared on Wednesday consist of extending the Household Support Fund and increasing the income limit for child benefit, from £50,000 to £60,000.
However, experts in economics have cautioned that the decrease in national insurance rates will continue to push numerous families into impoverished conditions. Nearly half of the £10.4 billion being distributed will primarily benefit the wealthiest 20% of households.
“Stay updated on Jeremy Hunt’s Budget announcements by reading our live blog, accessible by clicking here.”
The New Economics Foundation cautioned that a reduction of 1p would result in over 55,000 individuals falling into relative poverty. However, they stated that if Mr Hunt had decided to invest the same amount in enhancing universal credit, it could have lifted 384,000 people out of poverty.
The Independent’s Budget calculator, created by tax advisory firm Blick Rothenberg, below will help you to determine whether you are better or worse off following Wednesday’s statement.
Provide some information, including your income, relationship status, and family situation, to see how your financial situation will be affected.
Source: independent.co.uk
