![]() ![]() Ministers pushed up the main rates from 12% to 13.25%, while employers were told to pay 15.05%, taking effect from 6 April. The government announced the 1.25% rise in national insurance contributions in September last year, calling it a 'health and social care levy' to fund the NHS and social care on the back of the pandemic. ![]() The new move, which takes effect from November 6, will put only £14 a month on average in the pocket of a basic-rate taxpayer, according to the government – but will not provide any extra assistance for those on the lowest incomes. ![]() It was only introduced as an extra tax measure by Rishi Sunak in April this year, signalling a decisive break from the Johnson-era of tackling inequality. National Insurance is set to be scrapped in November by the government. READ MORE: How Kwasi Kwarteng's mini-budget announcements will impact youīut what does the budget mean for the West Midlands? Birmingham in particular continues to be hard hit by the cost of living crisis, with 156,688 people claiming Universal Credit in the city in June, and areas such as Ladywood and Hodge Hill, experiencing unemployment above pre-Covid levels.įind out what the budget means for you below: National Insurance While the party have enjoyed a significant lead on cost-of-living issues, the Conservatives are still seen best at running the economy. The West Midlands is a key target area for Conservatives looking to hold their 'red wall' seats, with West Bromwich East, West Bromwich West, and Northfield, under threat from the Labour party. Chancellor Kwasi Kwarteng says his mini budget will provide the “biggest package in generations” of tax cuts to send a clear signal that economic growth is the government’s priority.Īnd in an announcement likely to be seen as a re-election gamble, Mr Kwarteng has given the most generous tax cuts in 50 years, with national insurance slashed and the top 45p income tax rate on earnings of more than £150,000 scrapped. ![]()
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