Sunak raises National Insurance threshold

The chancellor today announced that the government will raise the threshold for the amount people earn before they pay National Insurance.

“From this July, people will be able to earn £12,570 a year without paying a single penny of income tax or National Insurance,” he said.

“That’s a £6bn personal tax cut for 30 million people across the United Kingdom.

“A tax cut for employees worth over £330 a year.”

He adds: “The largest increase in a basic rate threshold ever, and the largest single personal tax cut in a decade.”