Maggie Throup OBE MP, Member of Parliament for Erewash, has welcomed the news that 2,090,000 people in the East Midlands are set to benefit from the reduction in the rate of National Insurance contributions, saving workers an average of £450.00 a year.
Having met their target to halve inflation, the Government are now able to reward millions of people for their hard work. From 6 January 2024 employee National Insurance contributions were cut from twelve per cent to ten per cent, delivering a tax cut of £450.00 for the average worker earning £35,000.00.
The Government will also cut National Insurance for the Self Employed, delivering a total average saving of £340.00 a year which will come into force later this year.
Maggie said: “I am delighted that thanks to this Government’s sound fiscal policies, over two million people across the East Midlands are set to benefit from the reduction in the rate of National Insurance, saving workers an average of £450.00 a year. I know this will be well received across our region and in Erewash.
“This means that people across Erewash will get to keep more of their hard-earned money, ensuring work always pays under a Conservative Government.”
The reduction in the employee National Insurance contributions now means a senior nurse with five years of experience will receive an annual gain of £600.00; a typical police officer will receive an annual gain of over £630.00; a typical junior doctor will receive an annual gain of over £750.00 and a hard-working family with two earners on the average income will be £900.00 better off a year.
A statement from Ms Throup said that the benefit had only been made possible because of long-term, difficult decisions taken by the Government to get inflation falling and strengthen the economy.