Rishi Sunak has announced that the National Insurance Contributions starting threshold will rise by £3,000 to £12,570 from July, meaning employees across the UK will keep more of what they earn before they have to start paying personal tax.
The cut, worth over £6 billion, will benefit almost 30 million working people with a typical employee saving over £330 in the year from July 1.
The Chancellor hailed it as the single biggest tax cut for a decade. He said: "Around 70 per cent of all workers will have their taxes cut by more than the amount they'll pay through the new levy."
