Chancellor Kwasi Kwarteng announced yesterday (22 September) that the 1.25 percentage point rise in National Insurance will be reversed from 6 November. This is delivering on the key pledge to cut tax and promote economic growth.
Almost 28 million people will keep an extra £330 of their money on average next year, whilst 920,000 businesses are set to save almost £10,000 on average next year thanks to the change.
The bill introduced yesterday will see the Social Care Levy Cancelled, with the Chancellor confirming that this will not effect the amount of funding in which the Health and Social Care Sector receives.
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