{"id":216835,"date":"2023-11-25T01:00:55","date_gmt":"2023-11-25T01:00:55","guid":{"rendered":"https:\/\/bestwnews.com\/?p=216835"},"modified":"2023-11-25T01:00:55","modified_gmt":"2023-11-25T01:00:55","slug":"are-you-better-off-after-ni-cuts-use-our-calculator-to-find-out","status":"publish","type":"post","link":"https:\/\/bestwnews.com\/world-news\/are-you-better-off-after-ni-cuts-use-our-calculator-to-find-out\/","title":{"rendered":"Are you better off after NI cuts? Use our calculator to find out"},"content":{"rendered":"<h1>Are you really better off after National Insurance cuts? Use our calculator to find out how changes to tax, pensions and benefits in the Autumn Statement affects YOUR household budget<\/h1>\n<ul>\n<li><strong>MailOnline&#8217;s interactive calculator shows how Chancellor&#8217;s plans will affect you<\/strong><\/li>\n<li><strong>Around 27 million workers are expected to benefit from a 2p cut to NI\u00a0<\/strong><\/li>\n<li><strong>Jeremy Hunt unveils 110-point plan to boost UK growth and revive Tory fortunes<\/strong><\/li>\n<\/ul>\n<p>The Chancellor&#8217;s National Insurance cut was one of the most far-reaching changes announced in yesterday&#8217;s Autumn Statement \u2013 and you can use our calculator to find how it will affect your personal finances.<\/p>\n<p>Around 27 million workers will benefit from a 2p cut in NI,\u00a0Jeremy Hunt\u00a0said, as he began to ease the eye-watering tax burden on businesses and families with yesterday&#8217;s financial plan.<\/p>\n<p>The Chancellor, who was under severe pressure from Tory MPs to deliver pre-election tax cuts,\u00a0<span>insisted he and Prime Minister Rishi Sunak had chosen to &#8216;reject big government, high spending and high tax&#8217; as he drew battle lines with Labour.<\/span><\/p>\n<p>He also slashed national insurance contributions for the self-employed\u00a0with Class 2 contributions abolished and reduced Class 4 NI, which is currently nine per cent on all earnings between \u00a312,570 and \u00a350,270, by one per cent, which he said would save two million self-employed people an average of \u00a3350 a year from April.<\/p>\n<p>Overall, Mr Hunt&#8217;s tax reductions were described as the &#8216;biggest package of tax cuts to be implemented since the 1980s&#8217; and are equivalent to roughly 0.7 per cent of GDP.<\/p>\n<p>The Chancellor vowed to &#8216;reduce debt, cut taxes and reward work&#8217; as he set out a total of 110 measures he said would boost economic growth.<\/p>\n<p>He kept the pensions triple lock intact by announcing an 8.5 per cent rise in the state pension from next April,\u00a0equivalent to around \u00a318 a week for most, while benefits will rise by 6.7 per cent.<\/p>\n<p>Conservative MPs were delighted with the announcements, although some urged the Government to go even further at next year&#8217;s Spring Budget.\u00a0<\/p>\n<p>The Chancellor&#8217;s claim to be returning to a lower tax platform was thrown into doubt by the Treasury watchdog, which pointed out the &#8216;stealth&#8217; raid from freezing income tax and National Insurance thresholds will dwarf the \u00a320billion of cuts.<\/p>\n<p>The Office for Budget Responsibility (OBR) said by 2028-29 the so-called &#8216;fiscal drag&#8217; will be bringing in \u00a344.6billion a year extra, with three million more paying the higher rate of income tax and 400,000 more the additional rate than in 2022-23.<\/p>\n<p><span>You can use MailOnline&#8217;s Autumn Statement widget &#8211; built by household finance management system Nous &#8211; to work out how the Autumn Statement will affect you.<\/span><\/p>\n<p><span>You can enter your salary below and then scroll through the various options such as childcare, benefits and fuel costs to add in more details about your situation.<\/span><\/p>\n<p>Your browser does not support iframes.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/23\/09\/78152063-12783437-image-a-1_1700732320163.jpg\" height=\"423\" width=\"634\"><\/p>\n<p>Jeremy Hunt delivers his Autumn Statement to the House of Commons yesterday<\/p>\n<p><span>\u00a0<\/span>Greg Marsh, CEO and co-founder of Nous.co, said: &#8216;The Chancellor is giving with one hand and taking with the other. For working families, the impact of the National Insurance cut is easily eaten up by the government&#8217;s six-year stealth tax grab.\u00a0<\/p>\n<p>&#8216;And with no new support on energy this year, bills are going to be the same or higher for most of us this Christmas as they were in 2022.\u00a0Record numbers are heading into winter still owing money on bills from last year.\u00a0<\/p>\n<p>&#8216;The picture is one of stasis. Low growth and pedalling hard to stay still. People are in more debt, their living standards have fallen, and the tax burden \u2013 already at a 70-year record high \u2013 is still rising.&#8217;<\/p>\n<p><span>Here, MailOnline speaks to people across Britain about what the Autumn Statement means for them &#8211; and inputs their salary into our calculator to see what will happen to it:\u00a0<\/span><\/p>\n<p><span><span>Concerns over\u00a0&#8216;National Insurance squeeze&#8217; and corporation tax\u00a0<\/span><\/span><\/p>\n<ul>\n<li><span>Name<\/span>: Mahmood Reza<\/li>\n<li><span>Lives<\/span>: Leicester<\/li>\n<li><span>Job<\/span>: Financial education business<\/li>\n<li><span>Salary<\/span>: Up to \u00a390,000<\/li>\n<\/ul>\n<p><span><span><span>\u00a3754 better off due to National Insurance changes, according to MailOnline&#8217;s calculator in partnership with Nous.co\u00a0<\/span><\/span><\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/22\/14\/78104937-12778867-Mahmood_Reza_from_Leicester-a-34_1700662551638.jpg\" height=\"468\" width=\"306\"><\/p>\n<p>Mahmood Reza from Leicester<\/p>\n<p>Mahmood Reza, from Leicester, earns between \u00a380,000 to \u00a390,000 through his two tax advisory and financial education companies I Hate Numbers and Numbers Know How.<\/p>\n<p>He has been in the business for 30 years and says the turnover is in &#8216;the healthy six figures&#8217;.<\/p>\n<p>But Mr Reza is currently worried about business rates because he benefits from the relief which provides a 75 per cent discount, and is also concerned about corporation tax where he lies between the 19 and 25 per cent rate.<\/p>\n<p>He says that another big issue has been the &#8216;National Insurance squeeze&#8217; as he has eight employees between the two businesses.<\/p>\n<p>He says that between paying hefty NI contributions for employees and paying the self-employed NI rate, the totals can be &#8216;eye-watering&#8217;.<\/p>\n<p>As a business owner, he takes part of his income as a salary through income tax, and the rest in dividends.<\/p>\n<p>He says, however, that he ends up investing a lot of his profits back into the company.<\/p>\n<p><span><span>Cost of care for son means energy bills are &#8216;through the roof&#8217;<\/span><\/span><\/p>\n<ul>\n<li><span>Name<\/span>: Jemma Walker<\/li>\n<li><span>Age<\/span>: 50<\/li>\n<li><span>Lives<\/span>: Derbyshire<\/li>\n<li><span>Job<\/span>: NHS worker and carer<\/li>\n<li><span>Salary<\/span>: \u00a32,200 per month after tax or around \u00a347,000 a year<\/li>\n<\/ul>\n<p><span><span><span>\u00a3689 better off due to National Insurance changes, according to MailOnline&#8217;s calculator in partnership with Nous.co\u00a0<\/span><\/span><\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/22\/14\/78100327-12778867-Jemma_Walker_50_with_her_partner_Shaun_and_son_George_who_has_Do-a-21_1700662551617.jpg\" height=\"537\" width=\"306\"><\/p>\n<p>Jemma Walker, 50, with her partner Shaun and son George, who has Down&#8217;s syndrome<\/p>\n<p>Jemma Walker, 50, from Derbyshire, works as a full-time clinical educator in the NHS while caring for her son George, 23, who has Down&#8217;s syndrome.<\/p>\n<p>The cost of care for George, who is constantly on oxygen and requires a lot of equipment, means energy bills are &#8216;through the roof&#8217;.<\/p>\n<p>Mrs Walker said last year&#8217;s energy bill alone was around \u00a38,000, working out at roughly \u00a3700 a month, while food and diesel costs for George adds additional pressure.<\/p>\n<p>George receives Personal Independence Payment (PIP) &#8211; payments and Universal Credit which comes to around \u00a3800 a month, however Mrs Walker says this is not enough to cover the cost of care.<\/p>\n<p>While she works full-time, George has to be sent to a day centre, or be looked after by a personal assistant, both of which eat into the family&#8217;s finances.<\/p>\n<p>The clinical educator has worked in the NHS for 30 years and says it feels like &#8216;being stuck between a rock and a hard place&#8217;.<\/p>\n<p>She says there are not enough rights for carers and that &#8216;trying to juggle&#8217; all the expenses has been difficult.<\/p>\n<p>Asked about Universal Credit rising in line with inflation, she said: &#8216;As a public sector worker, my wages won&#8217;t be in line with inflation.<\/p>\n<p>&#8216;So if Universal Credit doesn&#8217;t go up in line with inflation, that&#8217;s a double hit.&#8217;<\/p>\n<p>Speaking of being a public sector worker, she said: &#8216;It&#8217;s taken me 30 years working in the NHS to earn this much. I don&#8217;t think we&#8217;ve had a proper pay rise in over a decade.&#8217;<\/p>\n<p>Mrs Walker has a partner, Shaun, 56, and another 21-year-old son. The family have a fixed mortgage, paying \u00a3700 per month, but the rate ends next year.<\/p>\n<p><span><span>Mother spends \u00a36,000 a year on childcare for two days a week<\/span><\/span><\/p>\n<ul>\n<li><span>Name<\/span>: Ruth Chipperfield<\/li>\n<li><span>Age<\/span>: 34<\/li>\n<li><span>Lives<\/span>: Birmingham<\/li>\n<li><span>Job<\/span>: Jewellery business owner<\/li>\n<li><span>Salary<\/span>: \u00a320,000<\/li>\n<\/ul>\n<p><span><span><span>\u00a3149 better off due to National Insurance changes, according to MailOnline&#8217;s calculator in partnership with Nous.co\u00a0<\/span><\/span><\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/22\/14\/78100075-12778867-Ruth_Chipperfield_34_who_runs_jewellery_business_Ruth_Mary_Jewel-a-23_1700662551620.jpg\" height=\"744\" width=\"306\"><\/p>\n<p>Ruth Chipperfield, 34, who runs jewellery business Ruth Mary Jewellery in Birmingham<\/p>\n<p>Ruth Chipperfield, a 34-year-old married mother who lives in\u00a0Birmingham, set up her own bespoke jewellery business called Ruth Mary Jewellery in 2016.<\/p>\n<p>Established as a sole trader, she runs her business from a studio in her home, where she makes handmade, bespoke metal jewellery and helps repair sentimental pieces for her customers.<\/p>\n<p>She says she has thought about getting a studio shop elsewhere but &#8216;with property prices so high&#8217;, it did not seem feasible.<\/p>\n<p>The small business has a turnover of \u00a360,000 projected for this financial year, earning Mrs Chipperfield a salary of around \u00a320,000 pre-tax per year.<\/p>\n<p>Of this, \u00a31,500 is paid in income tax and \u00a3850 a year in National Insurance payments.<\/p>\n<p>As a self-employed person, Mrs Chipperfield pays Class 2 and Class 4 NI contributions.<\/p>\n<p>A change in the personal allowance tax threshold would benefit Mrs Chipperfield as it would decrease the amount of her salary that is taxable.<\/p>\n<p>She said: &#8216;It&#8217;s a nice surprise. It saves me money so I&#8217;m happy.<\/p>\n<p>&#8216;As a self-employed owner I feel policies tend to be aimed at small businesses that are registered as limited companies.<\/p>\n<p>&#8216;So it is nice that they have aimed something at self-employed people as well.<\/p>\n<p>She says that everything from petrol prices to energy bills to labour prices have gone up, with the cost of materials and the cost of insurance premiums on her materials also increasing.<\/p>\n<p>Mrs Chipperfield&#8217;s husband, Paul, is a graphic designer and the pair have a two-year-old son.<\/p>\n<p>She added: &#8216;The only thing I would&#8217;ve liked to have seen is help for childcare costs. I think it&#8217;s a massive issue and helping individuals in that way then tends to help businesses too.&#8217;<\/p>\n<p>Mrs Chipperfield says just the cost of childcare for two days a week comes to around \u00a36,000.<\/p>\n<p>Speaking of buying a property, she said: &#8216;I haven&#8217;t got round to it yet, but at some point it would be nice to.<\/p>\n<p>&#8216;I think the Government&#8217;s scheme gives the illusion of helping first-time buyers but it is not because it is keeping house prices high. So I am not entirely in support of these measures.<\/p>\n<p>&#8216;These are little things that can help, but ultimately house prices are still high. And they are kept high because of these schemes like the 5 per cent guarantee.&#8217;<\/p>\n<p><span><span>Aspiring homeowner waits for interest rates to settle down\u00a0<\/span><\/span><\/p>\n<ul>\n<li><span>Name<\/span>: Laura Nineham<\/li>\n<li><span>Age<\/span>: 36<\/li>\n<li><span>Lives<\/span>: Portsmouth<\/li>\n<li><span>Job<\/span>: SEO consultant<\/li>\n<li><span>Salary<\/span>: \u00a355,000<\/li>\n<\/ul>\n<p><span><span><span>\u00a3754 better off due to National Insurance changes, according to MailOnline&#8217;s calculator in partnership with Nous.co\u00a0<\/span><\/span><\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/22\/14\/78100149-12778867-Laura_Nineham_36_is_an_SEO_consultant_who_is_trying_to_buy_a_pro-a-27_1700662551630.jpg\" height=\"655\" width=\"306\"><\/p>\n<p>Laura Nineham, 36, is an SEO consultant who is trying to buy a property in Portsmouth<\/p>\n<p>Laura Nineham, an SEO consultant from Portsmouth, has saved for a deposit and is now on the hunt for her first home.<\/p>\n<p>The 36-year-old, who is currently travelling, hopes to buy a property close to where she grew up in Portsmouth but has been waiting for interest rates to settle down.<\/p>\n<p>She is searching for a two-bedroom flat around the cost of \u00a3200,000 and has saved a more than 10 per cent deposit of \u00a325,000.<\/p>\n<p>She says she has been thinking of purchasing her first home for more than a year now but has been put off by heightened interest rates.<\/p>\n<p>The use of a Lifetime ISA helped her put together the money for a deposit, with \u00a32,300 of the \u00a310,600 she holds in her LISA coming from the government bonus.<\/p>\n<p>She said she lived in London for ten years, and while she would love to purchase her first property there, the prices are too high.<\/p>\n<p>Asked whether she would make use of an extension of the Government&#8217;s Mortgage Guarantee Scheme, which allows first-time buyers to purchase with a 5 per cent deposit, she said: &#8216;I would consider it, but it comes down to what is cheapest in the longer term.<\/p>\n<p>&#8216;I&#8217;m really wary &#8211; and my dad drilled this into me &#8211; of making sure that they (mortgage repayments) are super affordable in case anything goes wrong.<\/p>\n<p>&#8216;The monthly payments and outgoing of a 5 per cent deposit on a bigger house would burden me with more costs and higher rates. But I can see the need for it for others.&#8217;<\/p>\n<p>Speaking of mortgage rates, she said: &#8216;I&#8217;m waiting and keeping an eye on interest rates and on properties. I&#8217;m really hoping it might come down a little.&#8217;<\/p>\n<p>She has used her LISA for three years to help save for her deposit, which she says has been &#8216;great&#8217;.<\/p>\n<p>On the announcement that ISA limits could reformed, allowing you to hold both stocks and cash in one ISA account, she said: &#8216;That&#8217;ll be really good. The one I have feels quite restricted. If I could open a stocks and cash ISA I would for sure.&#8217;<\/p>\n<p>Ms Nineham, who earns around \u00a355,000 per year before tax, takes her pay in both salary and dividends from her company Phoenix Content Ltd.<\/p>\n<p>She pays corporation tax at the rate of 19 per cent, shelling out nearly \u00a310,000 in corporation tax in the last financial year alone.<\/p>\n<p><span><span>Changes to stamp duty would make couple buy another property\u00a0<\/span><\/span><\/p>\n<ul>\n<li><span>Name<\/span>: Rachel and James Harris<\/li>\n<li><span>Lives<\/span>: High Wycombe<\/li>\n<li><span>Jobs<\/span>: Accountancy firm<\/li>\n<li><span>Salary<\/span>: Over \u00a3100,000 each<\/li>\n<\/ul>\n<p><span><span><span>\u00a3754 each better off due to National Insurance changes, according to MailOnline&#8217;s calculator in partnership with Nous.co\u00a0<\/span><\/span><\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/22\/14\/78104437-12778867-Rachel_Harris_and_her_husband_James-a-30_1700662551633.jpg\" height=\"612\" width=\"306\"><\/p>\n<p>Rachel Harris and her husband James<\/p>\n<p>Rachel and James Harris, who live in High Wycombe, started up accountancy firm striveX \u2013 a company which helps businesses and entrepreneurs with their finances \u2013 in 2020.<\/p>\n<p>Their small business has grown to be worth \u00a31million and they have 17 employees.<\/p>\n<p>Paying corporation tax at the highest rate \u2013 25 per cent \u2013 they are hoping for any kind of changes in rates.<\/p>\n<p>The couple have a portfolio of three properties and have been holding off from purchasing further due to heightened interest rates and stamp duty costs.<\/p>\n<p>If stamp duty were to be cut, they say it would definitely push them to buy again.<\/p>\n<p>The pair earn over \u00a3100,000 each, paying themselves a tax-efficient salary of \u00a39,100 while taking the rest in dividends.<\/p>\n<p>Speaking of corporation tax concerns, Mrs Harris said: &#8216;This year, we&#8217;re dealing with a new corporation tax rate of 25 per cent as a business that has a profit of more than a quarter of a million pounds.<\/p>\n<p>On stamp duty, she said: &#8216;Yes, we last bought a property last year and if there were changes to stamp duty would definitely buy again.<\/p>\n<p>&#8216;As landlords, we pay a higher rate of stamp duty. Stamp duty and interest rates are the reason we haven&#8217;t bought a property this year.&#8217;<\/p>\n<p><span><span>Closely watching changes to\u00a0corporation tax and fuel duty\u00a0<\/span><\/span><\/p>\n<ul>\n<li><span>Name<\/span>: Chris Gibbons<\/li>\n<li><span>Lives<\/span>: Norwich<\/li>\n<li><span>Job<\/span>: Flat roofing services<\/li>\n<li><span>Salary<\/span>: \u00a345,000<\/li>\n<\/ul>\n<p><span><span><span>\u00a3649 better off due to National Insurance changes, according to MailOnline&#8217;s calculator in partnership with Nous.co\u00a0<\/span><\/span><\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/22\/14\/78104481-12778867-Chris_Gibbons_co_owner_of_a_flat_roofing_firm-a-31_1700662551634.jpg\" height=\"572\" width=\"306\"><\/p>\n<p>Chris Gibbons, co-owner of a flat roofing firm\u00a0<\/p>\n<p>Chris Gibbons runs flat roofing service Morello Services with his business partner Steve Buckingham.<\/p>\n<p>He got involved in the company under two years ago, but it has been running since 1978.<\/p>\n<p>The company turned over roughly \u00a31.4million last year and is forecasted to turnover \u00a32.5million this year.<\/p>\n<p>They run the business from a small warehouse and office &#8211; and say corporation rates have been a big cost.<\/p>\n<p>The pair are hoping that any changes to the rate could help, or an extension to the business rates relief. One of their biggest concerns, however, is fuel duty.<\/p>\n<p>The company runs six vans and has seen the fuel for vans rise from \u00a31,700 to \u00a31,800 per month before the surge to more than \u00a33,000 per month now.<\/p>\n<p>Mr Gibbons said he pays himself around \u00a325,000 in salary and another \u00a315,000 to \u00a320,000 in dividends.<\/p>\n<p>He says that changes to corporation tax or fuel duty would &#8216;really help&#8217; them as they &#8216;desperately try to get money back into the business&#8217;.<\/p>\n<p>Pension savers will have the right to have &#8216;one pension pot for life&#8217;, Jeremy Hunt said.<\/p>\n<p>The Chancellor told MPs: &#8216;I will also consult on giving savers a legal right to require a new employer to pay pension contributions into their existing pension pot if they choose, meaning people can move to having one pension pot for life.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/22\/16\/78115473-12779599-image-a-10_1700671015553.jpg\" height=\"435\" width=\"306\"><\/p>\n<p>&#8216;These reforms could help unlock an extra \u00a375billion of financing for high-growth companies by 2030 and provide an extra \u00a31,000 a year in retirement for an average earner saving from 18.&#8217;<\/p>\n<p>Mr Hunt said he would also take forward &#8216;further capital market reforms, to boost the attractiveness of our markets, and the UK one of the most attractive places to start, grow and list a company&#8217;.<\/p>\n<p>The Chancellor said he planned to introduce 110 measures to increase the UK&#8217;s productivity.<\/p>\n<p>Jeremy Hunt told the Commons yesterday that the OBR &#8216;expects the economy to grow by 0.6 per cent this year and 0.7 per cent next year. After that, growth rises to 1.4 per cent in 2025, then 1.9 per cent in 2026, 2 per cent in 2027 and 1.7 per cent in 2028&#8217;.<\/p>\n<p>But he added: &#8216;If we want those numbers to be higher, we need higher productivity.&#8217;<\/p>\n<p>He pointed to countries like France and the US where the private sector &#8216;invests more&#8217;, adding: &#8216;The 110 measures I take today help close that gap by boosting business investment by \u00a320billion a year.<\/p>\n<p>&#8216;They do not involve borrowing more and ramping up debt as some advocate. Instead, they unlock investment with supply-side reforms that back British business in the following areas.&#8217;<\/p>\n<p>Benefits will be raised in line with inflation, Jeremy Hunt has confirmed, as he pledged the Government will &#8216;continue to support families in difficulty&#8217;.<\/p>\n<p>The Chancellor allayed charities&#8217; fears that uprating would be done by the lower October inflation figure, as he acknowledged continued cost-of-living pressures which he said &#8216;remain at their most acute for the poorest families&#8217;.<\/p>\n<p>Mr Hunt said the rise would amount to an average increase of \u00a3470 for 5.5 million households when it takes effect in April 2024.<\/p>\n<p>Campaigners had voiced concern amid reports in recent weeks that benefits would not be raised in the usual way, instead using last month&#8217;s figure of 4.6 per cent, rather than September&#8217;s higher inflation figure of 6.7 per cent.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/22\/13\/78109237-12779599-The_economy_is_predicted_to_grow_by_0_6_per_cent_this_year_and_0-a-5_1700658989213.jpg\" height=\"354\" width=\"634\"><\/p>\n<p>The economy is predicted to grow by 0.6 per cent this year and 0.7 per cent in 2024 &#8211; faster than the Bank of England anticipates but lower than the OBR suggested in March<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/22\/13\/78108681-12779599-image-a-3_1700658888329.jpg\" height=\"360\" width=\"634\"><\/p>\n<p>Jeremy Hunt delivers his autumn statement in the House of Commons yesterday<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/22\/13\/78108247-12779599-Chancellor_Jeremy_Hunt_departs_11_Downing_Street_to_deliver_his_-a-25_1700660570374.jpg\" height=\"405\" width=\"634\"><\/p>\n<p>Chancellor Jeremy Hunt departs 11 Downing Street to deliver his Autumn Statement yesterday<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/22\/13\/78108683-12779599-image-a-2_1700658886404.jpg\" height=\"423\" width=\"634\"><\/p>\n<p>Prime Minister Rishi Sunak leaves 10 Downing Street in London on the morning of the Autumn Statement<\/p>\n<p>Mr Hunt told Parliament while delivering his Autumn Statement yesterday: &#8216;We will continue to support families in difficulty.&#8217;<\/p>\n<p>He added: &#8216;I know there&#8217;s been some speculation that we would increase benefits next year by the lower October figure for inflation, but cost-of-living pressures remain at their most acute for the poorest families.<\/p>\n<p>&#8216;So instead, the Government has decided to increase Universal Credit and other benefits from next April by 6.7%, in line with September&#8217;s inflation figure.<\/p>\n<p>&#8216;An average increase of \u00a3470 for five-and-a-half million households next year &#8211; vital support to those on the very lowest incomes from a compassionate Conservative government.&#8217;<\/p>\n<p>Noting that rent often makes up more than half of living costs for private tenants on the lowest incomes, he also pledged to answer calls from campaigners who said unfreezing housing allowance was &#8216;an urgent priority&#8217;.<\/p>\n<p>He said: &#8216;I will therefore increase the local housing allowance rate to the 30th percentile of local market rents.<\/p>\n<h3>What is in Jeremy Hunt&#8217;s Autumn Statement?\u00a0<\/h3>\n<p><span>National insurance cut: \u00a35bn a year<\/span><\/p>\n<p>The headline rate for employees is being reduced from 12% to 10%, putting more hundreds of pounds in the pockets of 27million Brits.<\/p>\n<p>For the self-employed, Class 2 contributions are being abolished and Class 4 contributions reduced from 9 per cent to 8 per cent.\u00a0<\/p>\n<p><span>Making &#8216;full expensing&#8217; permanent: \u00a310bn a year<\/span><\/p>\n<p>Businesses have been benefiting from rules that mean they can claim back tax on investment in plant and machinery.<\/p>\n<p>That is due to end in 2026, but Jeremy Hunt is set to make it permanent.<\/p>\n<p><span>State pension to rise 8.5%: \u00a32bn<\/span>\u00a0<\/p>\n<p>The Chancellor is sticking to the triple lock that ensures pensions rise by the highest out of inflation, average earnings or 2.5%.\u00a0<\/p>\n<p>There had been speculation a lower level could be used due to NHS pay deals warping the numbers.<\/p>\n<p><span>Benefits to rise 6.7%: \u00a33bn<\/span><\/p>\n<p>Mr Hunt had considered increasing benefits by the lower October inflation figure of 4.6 per cent, rather than the September number usually used.<\/p>\n<p>However, he has opted to stick with convention and push for more people to re-enter the workplace.\u00a0<\/p>\n<p><span>Living wage to rise to \u00a311.44: n\/a\u00a0<\/span><\/p>\n<p>The national living wage will rise by 9.8% to \u00a311.44 in April.<\/p>\n<p>The rate is currently \u00a310.42 for workers aged over 23, but the new figure will apply to 21 and 22-year-olds for the first time.<\/p>\n<p>&#8216;This will give 1.6 million households an average of \u00a3800 of support next year.&#8217;<\/p>\n<p>Mr Hunt also confirmed the triple-lock formula for state pension rises would be implemented as usual, meaning the state pension will rise by 8.5 per cent in line with average earnings, worth up to \u00a3900 more a year.<\/p>\n<p>But up to two million disability claimants will face tougher rules on finding work where possible.<\/p>\n<p>For almost three million workers, the Government has already announced an increase in the national living wage, which will rise from \u00a310.42 to \u00a311.44 from April, with the policy also extended to cover workers aged 21 and over, rather than 23 and over.<\/p>\n<p>It will mean an \u00a31,800 annual pay rise next year for a full-time worker on the living wage, while 18 to 20-year-olds will receive a \u00a31.11 hourly rise to \u00a38.60.<\/p>\n<p>Mr Hunt said said: &#8216;After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track.<\/p>\n<p>&#8216;We have supported families with rising bills, cut borrowing and halved inflation.<\/p>\n<p>&#8216;Rather than a recession, the economy has grown. Rather than falling as predicted, real incomes have risen.<\/p>\n<p>&#8216;Our plan for the British economy is working. But the work is not done.&#8217;<\/p>\n<p>The Chancellor said that ministers are charting a new course on the economy and rejecting &#8216;big government&#8217; in the wake of the Covid pandemic and a global spike in energy prices, which have driven both Government borrowing and the tax burden to record levels.<\/p>\n<p>&#8216;Conservatives know that a dynamic economy depends less on the decisions and diktats of ministers than on the energy and enterprise of the British people,&#8217; he said.<\/p>\n<p>&#8216;In today&#8217;s Autumn Statement for Growth, the Conservatives will reject big government, high spending and high tax because we know that leads to less growth, not more.&#8217;<\/p>\n<p>Chancellor Jeremy Hunt also announced changes designed to help self-employed workers, hailing them as the people who &#8216;kept our country running during the pandemic&#8217;.<\/p>\n<p>Mr Hunt said: &#8216;Class 2 national insurance is a flat rate compulsory charge, currently \u00a33.45 a week, paid by self-employed people earning more than \u00a312,570 which gives state pension entitlement.<\/p>\n<p>&#8216;Today, after careful consideration and in recognition of the contribution made by self-employed people to our country, I can announce we are abolishing class 2 national insurance altogether, saving the average self-employed person \u00a3192 a year.<\/p>\n<p>&#8216;Access to entitlements and credits will be maintained in full and those who choose to pay voluntarily will still be able to do so.&#8217;<\/p>\n<p>Mr Hunt also turned to class 4 national insurance paid at 9% on all earnings between \u00a312,570 and \u00a350,270.<\/p>\n<p>Mr Hunt said: &#8216;I have decided to cut that tax by one percentage point to 8% from April. Taken together with the abolition of the compulsory class 2 charge, these reforms will save around two million self-employed people an average of \u00a3350 a year from April.&#8217;<\/p>\n<p>The biggest ticket item will be a permanent extension of the so-called &#8216;full expensing&#8217; scheme, which allows firms to offset the cost of capital investment against corporation tax.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/22\/13\/78104149-12779599-The_Chancellor_is_expected_to_confirm_that_the_state_pension_wil-a-6_1700659171015.jpg\" height=\"444\" width=\"634\"><\/p>\n<p>The Chancellor confirmed that the state pension will rise by 8.5 per cent in April<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/22\/13\/78104153-12779599-The_government_has_been_given_breathing_room_by_the_sharp_fall_i-a-7_1700659182137.jpg\" height=\"486\" width=\"634\"><\/p>\n<p>The government has been given breathing room by the sharp fall in inflation in October<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/22\/13\/78104151-12779599-Public_sector_borrowing_remains_at_historically_high_levels_afte-a-8_1700659183706.jpg\" height=\"573\" width=\"634\"><\/p>\n<p>Public sector borrowing remains at historically high levels after the pandemic<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/22\/13\/78104165-12779599-The_Bank_of_England_has_pushed_up_rates_to_combat_prices_and_has-a-9_1700659185522.jpg\" height=\"477\" width=\"634\"><\/p>\n<p>The Bank of England has pushed up rates to combat prices and has warned they are likely to stay high for some time to come\u00a0<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/22\/13\/78091531-12779599-The_Autumn_Statement_comes_hot_on_the_heels_of_a_hike_in_the_Nat-a-10_1700659186891.jpg\" height=\"383\" width=\"634\"><\/p>\n<p>The Autumn Statement comes hot on the heels of a hike in the National Living Wage by more than one pound an hour<\/p>\n<p>The Chancellor confirmed he would make full expensing permanent, describing it as the &#8216;largest business tax cut in modern British history&#8217;.<\/p>\n<h3>READ MORE:\u00a0Jeremy Hunt unveils 110-point plan to boost UK growth and revive Tory fortunes &#8211; with &#8216;biggest-ever&#8217; tax break for firms, a national insurance cut for 28m and pensions boost for struggling OAPs &#8211; in make-or-break Autumn Statement<\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/22\/13\/78108157-12779599-Jeremy_Hunt_kicked_off_his_Autumn_Statement_today_by_wishing_his-a-4_1700658978309.jpg\" height=\"155\" width=\"274\"><\/p>\n<p>Jeremy Hunt told the Commons: &#8216;It means we have not just the lowest headline corporation tax rate in the G7 but its most generous capital allowances.&#8217;<\/p>\n<p>He said the reform had been estimated to cost \u00a311 billion a year, and stressed he had only brought it forward now it was &#8216;affordable&#8217;.<\/p>\n<p>Mr Hunt claimed the tax change was &#8216;a huge boost to British competitiveness&#8217;, having told MPs: &#8216;The OBR say it will increase annual investment by around \u00a33 billion a year and a total of \u00a314 billion over the forecast period. We on this side of the House know that the way to back British business is not to borrow more or subsidise more but increase the incentives to invest.&#8217;<\/p>\n<p>The Chancellor went on to claim that measures throughout the Autumn Statement taken together would help to &#8216;increase business investment in the UK economy by around \u00a320bn a year within a decade&#8217;.<\/p>\n<p>The Chancellor told colleagues that the package &#8216;backs business and rewards workers to get Britain growing&#8217;.<\/p>\n<p>&#8216;He particularly pointed to tackling the problem of 100,000 people being signed onto benefits with no requirements to look for work because of sickness or disability, saying that it is a waste of potential that is both economically and morally wrong and that the Back to Work plan would support over a million people to find work,&#8217; a No10 readout said.<\/p>\n<p>Most of the package is focused on growth, including measures to encourage pension funds to invest in the UK and plans to offer families living near the pylons needed to upgrade the national grid up to \u00a31,000 a year off energy bills.<\/p>\n<p>Mr Hunt predicted the measures will &#8216;increase business investment in the UK economy by around \u00a320billion a year over the next decade&#8217;.<\/p>\n<p>Source: <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-12783437\/Are-really-better-National-Insurance-cuts-calculator-changes-tax-pensions-benefits-Autumn-Statement-budget.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you really better off after National Insurance cuts? Use our calculator to find out how changes to tax, pensions and benefits in the Autumn Statement affects YOUR household budget MailOnline&#8217;s interactive calculator shows how Chancellor&#8217;s plans will affect you Around 27 million workers are expected to benefit from a 2p cut to NI\u00a0 Jeremy Hunt unveils 110-point plan to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":216834,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Are you better off after NI cuts? 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