Money saving expert Martin Lewis has explained how much better off people on low income will be after the mini-budget was announced.
Chancellor of the Exchequer Kwasi Kwarteng announced the UK Government's plans for National Insurance and Income Tax in the House of Commons today, just a week before households across the UK will see their energy bills soar.
With the changes confirmed today, households will see a shake-up to their finances and Martin Lewis was on hand via Twitter to explain exactly what each aspect meant.
READ MORE- Martin Lewis issues energy warning to anyone on Direct Debit who wants cheaper rates
Once Mr Kwarteng had wrapped up his speech, Martin didn't waste time and took to social media to clarify what the changes to National Insurance meant to people.
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In a video, he explained that the 1.25 percentage point rise we saw last April has been scrapped from November 6 and you only pay National Insurance on earnings above £12,570 after it was increased in July.
Martin added: "What's happening now is that they are reversing the National Insurance rise, but they are not reversing the threshold change. So actually National Insurance isn't just cheaper than it was before they put the rate up, for many people it is cheaper than it was a year ago."
The team at MoneySavingExpert.com have updated their Income Tax Calculator which can be used here.
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