James Grundy MP: Workers will keep more money thanks to national insurance cut

We are cutting the main rate of National Insurance contributions from 12 per cent to 10 per cent.

​For the average worker that means up to a £450 tax cut, helping people keep more of their hard earned money.

We are abolishing an entire class of National Insurance contributions and cutting the rate of the NICs top rate from nine per cent to eight per cent, with an average total saving of around £350 for someone earning £28,000 a year.

We promised to make ‘full expensing’ for businesses permanent when the economy allows and now we have delivered that.

Making full expensing permanent enables businesses to invest for less and offset investment in new equipment against their tax bills.

We are reducing debt, meaning we can spend more money on public services.

The Office for Budget Responsibility (OBR) has forecast that we will meet our fiscal rule to have debt falling as a share of the economy a year early, this means there is more money to spend on funding public services.

We are freezing the small business multiplier yet again, saving an average shop £1,650, and extending Retail Hospitality and Leisure Relief for a year which supports businesses most commonly found on the high street such as shops and pubs.

We are delivering the largest ever cash increase to the National Living Wage, boosting it to £11.44 an hour.

That is a 9.8 per cent increase, benefiting 2.7 million workers by an average £1,800 a year.

We are supporting 1.6 million families struggling with the cost of living by increasing the Local Housing Allowance.

This means housing benefits are more representative of the private rental market and will deliver an average of £800 a year of support.

We are honouring the Triple Lock and uprating the State Pension by 8.5 per cent, this means the basic State Pension will be £3,750 higher than in 2010

Following the recent implementation of the alcohol reforms and uprating on August 1, 2023, we will freeze alcohol duty until August 2024.

The next alcohol duty uprating decision will be delayed until Spring Budget 2024.

Increasing all working age benefits in full by 6.7 per cent, boosting benefit payments for around 5.5 million households who receive Universal Credit.

As is standard, we are uprating benefits in line with the September rate of inflation, an average increase of £470 a year.

We are launching the Work Support Programme to keep more people in work and stem the flow of sickness-related inactivity.

We are reducing inflation further, delivering long-term cost of living relief for families.

The OBR state that the package as a whole means inflation is forecast to be lower next year than they said at Spring Budget.