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

David Graham

1 year ago

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

Summary

Chancellor Jeremy Hunt cuts workers’ National Insurance by another 2p in the Budget, meaning it falls from 10% to 8%
He says the cut, to begin next month, is worth £450 a year for the average worker
Hunt also increases the child benefit threshold from £50,000 to £60,000
Labour leader Keir Starmer calls the Budget a “last desperate act” with people paying “more and more for less and less”
New official forecasts say the government will collect 37.1p per pound of GDP in 2028/29 – the highest level in nearly 80 years
Hunt also increases the VAT threshold for small businesses to £90,000, and announces higher taxes on vapes and business class flights
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