This Budget was a missed opportunity to close the skills gap

By Si Harris 2024-03-08T07:05:00

Given the limited impact of Jeremy Hunt’s headline announcements he should really have focused on solving other pressing matters, says Si Harris of Randstad UK

The key measure in this week’s Budget was the 2p cut to national insurance. The chancellor Jeremy Hunt made good on his promise to reduce taxes on working people with a reduction in the base rate of NI from 10p to 8p, which will cost the Treasury just under £11bn a year until 2029.

Self-employed workers currently pay 10% on earnings between £12,570 and £50,270 in class 1 national insurance contributions. This was reduced from 12% of earnings in the autumn statement.

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