{"id":7770,"date":"2024-03-23T15:59:02","date_gmt":"2024-03-23T15:59:02","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/23\/what-does-the-budget-mean-for-you-and-your-money\/"},"modified":"2024-03-23T15:59:02","modified_gmt":"2024-03-23T15:59:02","slug":"what-does-the-budget-mean-for-you-and-your-money","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/23\/what-does-the-budget-mean-for-you-and-your-money\/","title":{"rendered":"What does the Budget mean for you and your money?"},"content":{"rendered":"
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By Kevin Peachey<\/p>\n

Cost of living correspondent<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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The theatre of Budget day may have allowed Chancellor Jeremy Hunt to set the stage for an election, by announcing major tax and spending plans.<\/b><\/p>\n<\/div>\n<\/div>\n

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It is the finer details of his script that could have a significant impact on your finances, so here is what his plans mean for you.<\/p>\n<\/div>\n<\/div>\n

National Insurance to be cut<\/span><\/h2>\n<\/p>\n
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The chancellor’s big play to the audience was a cut in the rate of National Insurance (NI) paid by 27 million employees across the UK. A fixed percentage of the money you earn from your wages is deducted in NI.<\/p>\n<\/div>\n<\/div>\n

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January saw the first cut in Class 1 National Insurance for employees since at least 1975, according to available data, or possibly ever. Just three months later, there will be another one.<\/p>\n<\/div>\n<\/div>\n

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For employees paid between \u00a312,571 to \u00a350,270 a year, the current NI rate is 10% on earnings (down from 12% before January) and 2% on earnings above that. The chancellor said this would fall to 8% in April. <\/p>\n<\/div>\n<\/div>\n

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Someone earning \u00a325,000 a year will save another \u00a3249 a year from the latest change. Higher earners will take home an additional \u00a3754 a year, according to calculations by investment companies.<\/p>\n<\/div>\n<\/div>\n

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