Local MP Alan Mak has welcomed a tax cut that will benefit thousands of workers across the Havant Constituency after successfully lobbying the Chancellor ahead of this year’s Autumn Statement for Growth and backing the Government’s tax-cutting plan in Parliament.
From 6 January 2024 National Insurance Contributions for 27 million working people across the UK will be cut from 12% to 10%, delivering a tax cut of £450 for the average worker earning £35,000.
The Conservative Government will also cut National Insurance for the Self Employed, delivering a total average saving of £340 a year which will come into force later this year.
This means people will have more money in their pockets, helping to grow the economy and reward hard work.
Having met their target to halve inflation, the Conservative Government are now able to cut taxes, which Alan has supported in Parliament.
January’s tax cut means a senior nurse with five years of experience will receive an annual gain of £600; a typical police officer will receive an annual gain of over £630; a typical junior doctor will receive an annual gain of over £750 and a hard-working family with two earners on the average income will be £900 better off a year.
This tax cut is only possible because of the long-term, difficult decisions the Conservative Government took to get inflation falling and strengthen the economy.
Alan Mak MP said: “ Thousands of workers across the Havant Constituency will have their taxes cut from today, thanks to the Conservative Government’s long-term decisions for a stronger economy.”
“This means people get to keep more of their hard-earned money, ensuring work always pays under a Conservative Government.”
Chancellor of the Exchequer Jeremy Hunt MP said: “With inflation halved, we’ve turned a corner and are cutting taxes – starting with today’s record cut to National Insurance worth nearly £1,000 for a household.
“From nurses and brickies, to cleaners and butchers, 27 million hard-working Brits will have a little more cash in their pockets.”
Click HERE for Treasury tax saving calculator.
