With the rising cost of living dominating the headlines for the past few weeks, and now news that inflation has hit 9.1%, it is a welcome change to hear about a measure that will put money back into our wallets and purses. From Wednesday, July 6, a National Insurance tax cut will come into effect.
However, with percentages quoted, how much will that cut actually put back into our pockets? Here are the details explained.
Back in March, Chancellor Rishi Sunak used the Spring Statement to announce a change in the rate that people would pay National Insurance. It was a bid to lessen the impact of the decision to raise income tax contributions by 1.25 percentage points - which is about 10% - amidst the cost of living crisis.
