Chancellor cuts national insurance for self-employed people | Autumn statement 2023

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Sky News published this video item, entitled “Chancellor cuts national insurance for self-employed people | Autumn statement 2023” – below is their description.

For the self-employed, the chancellor said he is making reforms to the way national insurance is paid to save around 2 million people an average of £350 per year.

He said he is abolishing Class 2 national insurance – which he says saves £192 a year – for the self-employed.

Meanwhile, Class 4 national insurance will be cut from 9% to 8% on earnings between £12,570 and £50,270.

Budget 2023 calculator: https://news.sky.com/story/budget-2023-calculator-see-if-you-are-better-or-worse-off-after-chancellor-jeremy-hunts-statement-12834667

Sky News YouTube Channel

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About This Source - Sky News

Sky News is a British free-to-air television news channel and organisation. Sky News is distributed via a radio news service, and through online channels. It is owned by Sky Group, a division of Comcast. John Ryley is the head of Sky News, a role he has held since June 2006.

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In This Story: National Insurance

National Insurance (NI) is a fundamental component of the welfare state in the United Kingdom. It acts as a form of social security, since payment of NI contributions establishes entitlement to certain state benefits for workers and their families.

Introduced by the National Insurance Act 1911 and expanded by in 1948, the system has been subjected to numerous amendments in succeeding years. Initially, it was a contributory form of insurance against illness and unemployment, as well as eventually provided retirement pensions and other benefits.

Weekly income and some lump-sum benefits are provided for participants upon death, retirement, unemployment, maternity and disability. In order to obtain the benefits which are related to the contributions, a National Insurance number is necessary.

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