Millions of households are set to get a £500 per year cash boost from this week.
National Insurance contributions rose by 1.25 percentage points in April as part of plans to help pay for social care and deal with the NHS backlog. But now, that will be reversed and funding for health and social care services will be maintained at the same level as if the levy were in place.
The reversal of April’s rise in National Insurance takes effect across the UK from today, November 6. Added to July’s increase in National Insurance thresholds, almost 30 million people will be £500 better off on average next year due to the changes. Meanwhile, 920,000 businesses will save an average of almost £10,000.
