Jeremy Hunt confirms a 2p National Insurance cut from April 6 and for the self-employed it will be slashed from 8 percent to 6 percent. In the closing statements of his Budget, he says that today the country has been "put back on the path to lower taxes". Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00 The way we tax people's income is particularly unfair. If you get your income from having
00:06 a job, you pay two types of tax - national insurance contributions and income tax. If
00:13 you get it from other sources, you pay only one. This double taxation of work is unfair.
00:19 Because we have asked those with the broader shoulders to pay a bit more, today I go further.
00:25 From April 6, employee national insurance will be cut by another 2p, from 10% to 8%.
00:33 And self-employed national insurance will be cut from 8% to 6%. It means an additional
00:42 £450 a year for the average employee, or £350 for someone self-employed. When combined
00:51 with the autumn reductions, it means 27 million employees will get an average tax cut of £900
00:59 a year. Two million self-employed will get a tax cut averaging £650. We today put this
01:08 country back on the path to lower taxes. A plan to grow the economy versus no plan. A
01:16 plan for better public services versus no plan. A plan to make work pay versus no plan.
01:24 Growth up, jobs up, taxes down. I commend this statement to the House.