Budget 2024: Jeremy Hunt announces changes to taxes and child benefits

Jeremy Hunt sought to turn around Conservative electoral fortunes today as he placed tax cuts for workers and parents at the heart of his Budget. As his centrepiece, the Chancellor announced a 2p cut to the rate of National Insurance paid by employees. This will save the average worker an estimated 450 a year, rising to 900 when combined with a similar reduction announced last autumn. The tax cut will be paid for through a mix of tax increases elsewhere, on business class airfares, owners of shortterm holiday lets, vapes and tobacco. However, other taxes have been frozen including fuel duty and alcohol duty, while the threshold at which parents are excluded from receiving child benefit has been raised. New British ISAs are also to provide an extra 5, 000 taxfree allowance for savings invested in UK firms. Meanwhile embattled landlords received a boost with news that the higher rate of capital gains tax is to be cut from 28pc to 24pc on residentia