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Jeremy Hunt cuts National Insurance and extends child benefit in Budget

ByWorld News

Mar 6, 2024

Budget 2024 live: Jeremy Hunt cuts National Insurance and extends child benefit in Budget – BBC News

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Summary

  1. Chancellor Jeremy Hunt cuts workers’ National Insurance by another 2p in the Budget, meaning it falls from 10% to 8%
  2. He says the cut, to begin next month, is worth £450 a year for the average worker
  3. Hunt also increases the child benefit threshold from £50,000 to £60,000
  4. Labour leader Keir Starmer calls the Budget a “last desperate act” with people paying “more and more for less and less”
  5. New official forecasts say the government will collect 37.1p per pound of GDP in 2028/29 – the highest level in nearly 80 years
  6. Hunt also increases the VAT threshold for small businesses to £90,000, and announces higher taxes on vapes and business class flights
  7. And he says he’s “abolishing” the “non-dom” tax system, but new arrivals to the UK will still not pay taxes on foreign income for four years
  8. Speaking to the BBC’s political editor Chris Mason, Hunt confirms he is “making progress” towards abolishing NI altogether, but fails say whether income tax would be cut before the election

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