The reversal aims to raise living standards
The Bill to reverse April 2022’s rise in National Insurance and cancel the Health and Social Care Levy is expected to pass through the House of Commons on Tuesday afternoon . This reversal would take effect on Sunday, November 6, and could mean Brits could pocket an average tax cut of £330 a year.
Chancellor of the Exchequer, Kwasi Kwarteng, said: “Reversing the National Insurance rise is a promise delivered. It means an average saving of £330 a year for 28 million workers in the UK, and I’m delighted we will get a step closer to this today as the Bill passes through the Commons."He added: “Today marks a crucial moment in our mission to cut tax and boost growth – which will raise the living standards for everyone in the UK.
Individuals will see the most benefit in their pay packets in 2023-24 with an extra £330 on average, however, this financial year will put around £135 on average back into salaries. The amount saved in National Insurance will increase as earnings do so those will larger salaries will see the biggest benefits.
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