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

Explore the major tax and spending plans announced by Chancellor Jeremy Hunt and how they can affect your finances. Learn about the details of his script and the implications of his plans, including the cut in National Insurance rates for millions of employees.

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@GenerousWilliamsite6291

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?

Office for Budget Responsibility (OBR)

What is the estimated increase in child benefit for one child in April 2026?

$25.60 a week

What is the maximum percentage by which councils without social care duties can raise council tax without triggering a referendum?

4.99%

From which level of earnings will child benefit now be withdrawn entirely?

$80,000 a year Signup and view all the answers

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

$1,260 Signup and view all the answers

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

It will be abolished Signup and view all the answers

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

Cut in National Insurance for employees 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?

27 million Signup and view all the answers

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

10% on earnings and 2% on earnings above that Signup and view all the answers

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

From 9% to 6% Signup and view all the answers

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

Income tax thresholds have been frozen 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?

At least since 1975 Signup and view all the answers