East Yorkshire MP Sir Greg Knight gives his support to ‘largest ever’ National Insurance cut
The changes will see a full-time nurse on £38,900 receive an annual gain of over £520; a teacher on £44,300 would receive an additional £630 a year; and a typical self-employed plumber on £34,400 would be £410 better off as a result of this tax cut.
Sir Greg said: “The changes, which reduce the Class 1 National Insurance rate from 12% to 10%, will mean that from January 6 the average employee will take home an extra £450 annually whilst the self-employed will pocket £350 extra each year.
"The £9 billion a year tax cut is possible because inflation is falling and the economy is now growing. This cut rewards work and will help to further grow our economy”