The National Insurance increase that came into effect in April will be reversed in November, Chancellor Kwasi Kwarteng confirms.
The 1.25% point rise in National Insurance, bringing the rate up to 13.25%, was introduced when Rishi Sunak was chancellor as part of a plan to raise funds for the NHS and social care. The change was due to raise an extra £12bn a year.
Now, that changed will be reversed earlier than planned, with the rate moving back down to 12% from November 6. The announcement comes ahead of the new chancellor's mini-budget which is due to take place tomorrow (Friday 23 September).
