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Budget 2024 live: Jeremy Hunt cuts National Insurance and extends child benefit in Budget

HomeUK Politics

Budget 2024 live: Jeremy Hunt cuts National Insurance and extends child benefit in Budget

March 6, 2024 5:11 pm

Budget 2024 live: Jeremy Hunt cuts National Insurance and extends child b





Budget 2024 live: Jeremy Hunt cuts National Insurance and extends child benefit in Budget – BBC News

























BreakingBreaking news

Summary

  1. Chancellor Jeremy Hunt cuts workers’ National Insurance by another 2p in the Budget, meaning it falls from 10% to 8%
  2. He also increases the child benefit threshold from £50,000 to £60,000
  3. Hunt says the National Insurance cut, to begin next month, is worth £450 a year for the average worker
  4. It follows a 2p cut in last year’s Autumn Statement – but there is no change to income tax
  5. Labour leader Keir Starmer calls the Budget a “last desperate act” with people paying “more and more for less and less”
  6. New official forecasts say the government will collect 37.1p per pound of GDP in 2028/29 – the highest level in nearly 80 years
  7. The OBR also says the economy will grow faster than expected – that, plus some tax rises, and existing “fiscal headroom”, are what’s funding the cuts
  8. Hunt also increases the VAT threshold for small businesses to £90,000, and announces higher taxes on vapes and business class flights
  9. And he says he’s “abolishing” the “non-dom” tax system, but new arrivals to the UK will still not pay taxes on foreign income for four years



www.bbc.co.uk

UK Politics 22649

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