Nov 22, 2023
National Insurance, benefits and alcohol: Autumn Statement key points
Chancellor Jeremy Hunt has unveiled the contents of his Autumn Statement in the House of Commons. Main rate of National Insurance cut from 12% to 10% from 6 January, affecting 27 million people. Class 2 National Insurance - paid by self-employed people earning more than £12,570 - abolished from April. Class 4 National Insurance for self employed - paid on profits between £12,570 and £50,270 - cut from 9% to 8% from April. Legal minimum wage - known officially as the National Living Wage - to increase from £10.42 to £11.44 an hour from April New rate to apply to 21 and 22-year-old workers for the first time, rather than just those 23 and over.
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