Chancellor-Employee National Insurance Tax Cut From 12% To 10%

Chancellor Jeremy Hunt delivering the autumn statement. Talking on personal tax cuts, benefit reforms, the minimum wage,

• On national insurance tax cuts: "On top of income tax at 20%, they pay 12% National Insurance on earnings between £12,570 and £50,270 - that’s a 32% marginal tax rate. [...] I am going to cut the main 12% rate of employee National Insurance.[...] I’m going to go further and cut the main rate of Employee National insurance by 2 percentage points from 12% to 10%."
• Timing of NIC cut: " I would normally bring in a measure like this for the start of the new tax year in April, but instead tomorrow I’m introducing urgent legislation to bring it in from January 6th, so that people can see the benefit in their payslips at the start of the new year."
• On spending related to encouraging people into work: "...we will spend £1.3 bn over the next five years to help nearly 700,000 people with health conditions find jobs...Taken together with the labour supply measures I announced in the Spring, the OBR say we will increase the number of people in work by around 200,000 at the end of the forecast period, permanently increasing the size of the economy."
• On the minimum wage: "I confirm we will [...] accept the Low Pay Commission recommendation to increase the National Living Wage by 9.8% to £11.44 an hour. [...] worth up to £1800 for a full-time worker."