Millions of people across the country are set to save over £330 a year following an announcement from chancellor Rishi Sunak. In a statement regarding the Spring Statement it was revealed that the National Insurance Contributions starting threshold will rise by £3,000 to £12,570 next month - meaning workers will be keeping more of what they earn before paying personal tax.
Mr Sunak described the move as the single biggest tax cut for a decade. 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 6, The Daily Record reports.
At the time, Mr Sunak 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" It means that employees will now start paying National Insurance on earnings above £12,570 a year - up from the original £9,880 planned for April and will see some of the lowest earners not have to pay the tax.
