Spring Budget 24: Chancellor cuts National Insurance by another 2p

Additional to cuts in Autumn Statement

Jenna Brown
clock • 1 min read

Chancellor Jeremy Hunt has cut National Insurance (NI) by a further 2p in today's (6 March) Spring Budget.

The latest reduction follows the initial 2p reduction for 27 million workers in the 2023 Autumn Statement. Hunt said the main rate of NI would call from 10% to 8% meaning the average worker would save about £450 a year.  Spring Budget 24: Chancellor unveils Great British ISA following calls from industry My Pension Expert policy director Lily Megson said that while millions of people across the UK would be celebrating the NI cut the move had been a "misstep". She explained: "The savings are modest - the average UK salary is around £28,000, and someone earning that much stands to...

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