East Yorkshire MP Sir Greg Knight gives his support to ‘largest ever’ National Insurance cut
East Yorkshire MP Sir Greg Knight is backing ‘the largest ever’ National Insurance cut which will see 27 million people receive a boost in their pay packets in 2024.
The changes will see a full-time nurse on £38,900 receive an annual gain of over £520; a teacher on £44,300 would receive an additional £630 a year; and a typical self-employed plumber on £34,400 would be £410 better off as a result of this tax cut.
Sir Greg said: “The changes, which reduce the Class 1 National Insurance rate from 12% to 10%, will mean that from January 6 the average employee will take home an extra £450 annually whilst the self-employed will pocket £350 extra each year.
"The £9 billion a year tax cut is possible because inflation is falling and the economy is now growing. This cut rewards work and will help to further grow our economy”