Hunt: Millions of workers to enjoy 'significant' cuts to NI
Millions of workers will receive a national insurance cut as the new tax year gets underway, helping to ease some of the strain on household budgets. Chancellor Jeremy Hunt said the cuts are “very significant” as a measure to grow the economy, “making work pay,” and saving the average worker on £35,400 more than £900 a year. Report by Covellm. 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 Well today's National Insurance cut is very significant, not just because it's £900 in
00:05 the pockets of someone on the average salary in a period where people have been really
00:09 feeling cost of living pressures, but also because if we're going to grow the economy
00:14 we have to make work pay for the 6 million adults of working age who are not in work.
00:21 And this measure, according to the Office for Budget Responsibility, will see the equivalent
00:25 of 200,000 people enter the workforce, filling around one in five vacancies across the economy.
00:33 So it's good for the economy, it's good for growth, it's good because it makes work pay.
00:38 We've always been very open about the fact that after Covid and the cost of living crisis,
00:44 the energy crisis, we had to put taxes up. But the fundamental divide in British politics
00:48 is between a Conservative party, having taken difficult decisions on the economy, is now
00:54 starting to bring taxes down. 2p off National Insurance from Saturday, another 2p off in
01:01 the autumn statement last year, that came through in January. We want to bring the tax
01:05 burden down, the Labour party wants to keep it as it is. And that is the big choice that
01:10 people will have in the general election this year.