Understanding the Impact of Chancellor Jeremy Hunt's Budget Day Announcements
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Questions and Answers

Who estimated that 3.7 million more people in the UK will be paying income tax as a result of a policy?

  • Institute for Fiscal Studies
  • National Institute of Economic and Social Research
  • Government Committee on Taxation
  • Office for Budget Responsibility (OBR) (correct)
  • What is the estimated increase in child benefit for one child in April 2026?

  • $22.75 a week
  • $27.30 a week
  • $25.60 a week (correct)
  • $20.40 a week
  • What is the maximum percentage by which councils without social care duties can raise council tax without triggering a referendum?

  • 3.99%
  • 2.99%
  • 4.99% (correct)
  • 5.99%
  • From which level of earnings will child benefit now be withdrawn entirely?

    <p>$80,000 a year</p> Signup and view all the answers

    What is the estimated average gain in child benefit for 485,000 families in 2024-25?

    <p>$1,260</p> Signup and view all the answers

    What will happen to the £90 fee for debt relief orders according to the text?

    <p>It will be abolished</p> Signup and view all the answers

    What was one of Chancellor Jeremy Hunt's major announcements on Budget day?

    <p>Cut in National Insurance for employees</p> Signup and view all the answers

    How many employees across the UK would benefit from the cut in National Insurance rate announced by the Chancellor?

    <p>27 million</p> Signup and view all the answers

    What is the current National Insurance rate for employees earning between £12,571 to £50,270 a year?

    <p>10% on earnings and 2% on earnings above that</p> Signup and view all the answers

    What is the expected change in the Class 4 NI contributions for the self-employed in April?

    <p>From 9% to 6%</p> Signup and view all the answers

    Why might some individuals face higher tax payments despite a pay rise as per existing government policy?

    <p>Income tax thresholds have been frozen</p> Signup and view all the answers

    According to available data, when was the last time there was a cut in Class 1 National Insurance for employees?

    <p>At least since 1975</p> Signup and view all the answers

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