Claim: Reducing the main rate of National Insurance contributions is a tax cut worth £450 for the average worker.
Fact-check: Claims about impact of National Insurance reduction don't tell the full story - Full Fact
Verdict: this is true, but missing important context. someone earning roughly the average full-time annual earnings will pay approximately £450 less in national insurance contributions this year than if the rate had remained the same. but when ongoing personal tax threshold freezes are taken into account the savings for someone on the average salary are substantially smaller, and workers are set to pay more tax in the long term.
Organisation: Full Fact
Author: Hannah Smith
Date published: 2024-01-09T00:00:00