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HomePoliticsUK PoliticsBudget 2024 live: Jeremy Hunt cuts National Insurance and extends child benefit...
UK Politics

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

David Graham
By David Graham
March 6, 2024
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    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

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