National Insurance increase will be reversed in November, says chancellor

The UK government has ditched the 1.25 percentage-point National Insurance rise, which will see workers pocket more pay and reduce tax for UK businesses. Saloni Sardana explains what the changes means for you.

Kwasi Kwarteng
Kwasi Kwarteng will will also cancel the planned health and social care levy
(Image credit: © Leon Neal/Getty Images)

The 1.25% percentage-point increase in National Insurance contributions, introduced by former chancellor Rishi Sunak, will be reversed on 6 November, the government has confirmed.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Explore More
Saloni Sardana

Saloni is a web writer for MoneyWeek focusing on personal finance and global financial markets. Her work has appeared in FTAdviser (part of the Financial Times),  Business Insider and City A.M, among other publications. She holds a masters in international journalism from City, University of London.

Follow her on Twitter at @sardana_saloni