National insurance cut from 12% to 10%

The main rate of national insurance will be cut by two percentage points, from 12% to 10%, on Saturday.

The move, announced in last year’s autumn statement, was hailed by the Conservatives but Labour called it a “raw deal” and economists said many households are still facing the burden of high taxes.

Chancellor Jeremy Hunt said the pre-election cut means families with two earners are nearly £1,000 better off.

Ministers have previously said cutting the main rate for employees is a tax cut worth £450 for the average employee on £35,400 in 2024/25.

Prime Minister , who has said he wants to keep cutting people’s taxes if