Jeremy Hunt cuts National Insurance and extends child benefit in Budget

Budget 2024 live: Jeremy Hunt cuts National Insurance and extends child benefit in Budget – BBC News

Summary

Chancellor Jeremy Hunt has cut workers’ National Insurance by another 2p in the Budget, meaning it falls from 10% to 8%
He says the cut, to begin next month, is worth £450 a year for the average worker
It follows another 2p cut announced in last year’s Autumn Statement – but there is no change to income tax
Labour leader Keir Starmer calls the Budget a “last desperate act” and says people are paying “more and more for less and less”
Hunt also announces a six-month extension to the Household Support Fund, a freeze in alcohol duty, and an extension to the 5p cut in fuel duty
He increases the VAT threshold for small businesses to £90,000, and announces new taxes on vapes and higher taxes for business class flights
He says he’s “abolishing” the “non-dom” tax system, and will move the child benefit threshold from £50,000 to £60,000