Earlier today, I was pleased to welcome the Chancellor’s Autumn Statement, which will reduce taxes, raise the national living wage for hard-working Britons, and grow our economy for years to come.
27 million working people will see the main rate of National Insurance Contributions (NICs) cut from 12% to 10% from January. For the average worker earning £35,000 a year, this is a £450 tax cut.
The Government is also cutting NICs for 2 million self-employed workers. This represents a total saving of around £350 for someone earning £28,000 a year.
We are also raising the National Living Wage to a record level of £11.44 an hour. This is a 9.8 per cent increase to the National Living Wage, benefiting 2.7 million workers, who will now see their pay increase by £1,800 a year. It was the Conservatives who introduced the National Living Wage (NLW) in 2016, and we are now increasing it yet again.