National insurance: how much will the 2p cut leave workers better off?

Jeremy Hunt said his budget measure will benefit 27 million people – here’s how it will work

• Budget: key points at a glance
• Hunt announces 2p cut in national insurance

A big national insurance cut was the centrepiece measure of Jeremy Hunt’s autumn statement – again. 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 10% to 8% with effect from 6 April 2024, which he said would benefit 27 million people. He also announced changes to the national insurance paid by those who are self-employed.