Sep 22, 2022
National Insurance rise to be reversed in November
A 1.25% rise in National Insurance will be reversed from 6 November and the government will axe a planned tax rise to fund health and social care. The NI rise was introduced in April under former Chancellor Rishi Sunak, but during the Tory leadership race Liz Truss pledged to change it. New Chancellor Kwasi Kwarteng made the announcement ahead of a "Mini-budget" on Friday. People who earn more than £12,570 a year pay NI, and the more they earn, the more they will benefit from this change. Somebody earning £20,000 will save about £93 a year, and somebody earning £100,000 will save £1,093, compared to now.
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