TAX GIVEAWAY
Budget 2020: Millions of hard-working Brits get £100 National Insurance tax cut confirmed
THE CHANCELLOR has today cut taxes for millions of hard-working Brits as he delivered on the Tories election promises.
Rishi Sunak unveiled his budget just 27 days into the job, with millions now being handed a tax cut.
Read the latest Budget updates from our live blog here
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This saws 31 million Brits getting a tax cut worth an average of more than £100 by increasing the National Insurance threshold.
He said: "As people earn more – we’ll also cut taxes on their wages.
"I am increasing, in just four weeks’ time, the National Insurance threshold from £8,632 to £9,500.
"That’s a tax cut for 31 million people, saving a typical employee £104.
"Our changes to the National Living Wage, income tax, and now National Insurance mean that someone working full time on the minimum wage will be more than £5,200 better off than in 2010."
The Government raised National Insurance Contributions (NICs) from £8,632 to £9,500, giving some much needed relief to millions.
It will cut the annual tax bill for the average full-time worker by £104 and by £78 for the average self-employed worker.
The tax giveaway was central to Boris Johnson’s election manifesto, and has now been delivered in his first bumper budget.
What's been revealed in today's Budget?
- Fuel duty to be frozen for 10th year in a row
- 2nd booze duty freeze in 20 years
- £5billion of help for flood-ravaged communities
- Millions more to get sick pay in case they need to self-isolate
- National Insurance thresholds raised for employers - and a tax cut for Brits confirmed
- Tampon tax to be ditched
- More measures to tackle crime and make community sentences longer
- Tax breaks for firms which hire armed forces veterans
- War on potholes with £2.5billion to fill them
- New laws to guarantee access to cash machines
- Parents of sick premature babies to get £160 a week extra help
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It was originally announced by Sajid Javid, who told the Sun it meant more money in the pockets of those earning it.
Speaking at the time, he said: "That means more than £100 extra staying where it should be – in the pockets of Sun readers. We’ll always be on the side of hard working people.”
Sajid Javid interviewed after resigning as PM Boris Johnson appoints Rishi Sunak as his new Chancellor in cabinet reshuffle
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