What is national insurance and who will benefit from Jeremy Hunt’s cuts?

Workers in London’s Canary Wharf on their way to the office. Employed and self-employed people pay different national insurance contributions. Photograph: Victoria Jones/PA

A big national insurance cut was the centrepiece measure of Jeremy Hunt’s autumn statement – but just how much better off will UK employees really be?

The chancellor is cutting the main rate of national insurance contributions paid by workers from 12% to 10% with effect from 6 January 2024, which he said would benefit 27 million people. He also announced changes to the national insurance paid by those who are self-employed.