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Britons are set to save between 63p and £150 a month if a proposed National Insurance cut gets the green light and is announced in the new Chancellor’s mini budget this Friday.
Some three million people who earn an average of £12,000 will save £7.66 – which works out at a mere 63p a month.
Those earning £31,400 will save around £20 a month – while Britons on an income of £55,000 will save almost three times as much at around £58 a month.
The richest tenth of taxpayers, earning an average of £108,000, will save £1,800 on their annual tax bill, equivalent to £150 a month, acccording to the Insitute of Fiscal Studies (IFS).