January can be a tough month for many as we tot up the costs of the festive season, especially at a time when money has been short for people. It will be welcome news then that this month will see a boost to family finances as Jeremy Hunt's tax cut, announced in the Autumn Statement in November, will be in payslips as we start 2024.
West Worcestershire MP, Harriett Baldwin, seen above with the Chancellor and WWCA Chairman Ian Daly at our annual dinner just days before the Autumn Statement, welcomed these measures which will see National Insurance contributions cut to 10%. This will mean that the average worker will be £450 better off. Households with two workers will be £900 better off. Teachers and police officers will see an improvement of £630 to their finances with doctors benefiting by £750.
The tax cut came into effect on 6th January and was part of a raft of measures simplifying National Insurance and permanently cutting business taxes by £11 billion a year.
Harriett said: "This measure will be a great boost for hard-working families who will see more of their pay in their pockets after Christmas. The Government has taken decisive steps to help people with the cost of living and, with inflation now coming back under control, I hope people are feeling more positive about the future in 2024.
