Posted: Thu 22nd Sep 2022

National Insurance increase reversed from November 6

News and Info from Deeside, Flintshire, North Wales
This article is old - Published: Thursday, Sep 22nd, 2022

The 1.25 percentage point rise in National Insurance will be reversed from 6 November, the Chancellor Kwasi Kwarteng has announced today.

The UK government has said it will also cancel the planned Health and Social Care Levy – a separate tax which was coming into force in April 2023 to replace this year’s National Insurance rise.

“This will help almost 28 million people across the UK keep more of what they earn, worth an extra £330 on average in 2023-24, with an additional saving of around £135 on average this year.”

Chancellor of the Exchequer Kwasi Kwarteng said:

“Taxing our way to prosperity has never worked. To raise living standards for all, we need to be unapologetic about growing our economy.”

“Cutting tax is crucial to this – and whether businesses reinvest freed-up cash into new machinery, lower prices on shop floors or increased staff wages, the reversal of the Levy will help them grow, whilst also allowing the British public to keep more of what they earn.”

More here: https://www.gov.uk/government/news/national-insurance-increase-reversed

 

Spotted something? Got a story? Send a Facebook Message | A direct message on Twitter | Email: News@Deeside.com
Latest News

  • Man who raped a teenager at a campsite near Chester jailed.
  • DECA Sealand industrial action ends after union secures improved pay deal.
  • MPs’ call for ‘modest’ increase in statutory sick pay

  • More...

    Man who raped a teenager at a campsite near Chester jailed.

    News

    DECA Sealand industrial action ends after union secures improved pay deal.

    News

    MPs’ call for ‘modest’ increase in statutory sick pay

    News

    10m homes should read their energy meter this weekend

    News

    Are high street banks leaving Wales behind? MPs to examine access to cash

    News

    Easter travel rush: 18.5m journeys expected, says AA

    News

    Pilgrimage: The Road Through North Wales to launch on Good Friday

    News

    Flintshire Council marathon planning meeting sparks concern

    News

    Welsh Ambulance Service “Think twice before dialling 999 this Easter”

    News