Chancellor Jeremy Hunt announced in his autumn statement that National Insurance will be slashed in the New Year.

Tens of millions of workers will see their national insurance rate drop from 12 per cent to 10 per cent on earnings between £12,571 and £50,271 next year. While typically this wouldn't be introduced until April, the start of the next financial year, Mr Hunt said emergency legislation would be introduced to bring in the new cuts much sooner on January 6, 2024.

For someone working full-time and earning a wage of £34,963, it means only £2,239 a year will be paid towards National Insurance compared to £2,687. Overall, that equals £448 in savings a year or £37.33 a month.

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Talking about the new cut, Mr Hunt told MPs: "It means someone on the average salary of £35,000 will save over £450. For the average nurse, it is a saving of over £520 and for the typical police officer it is a saving of over £630 every single year.”

To see how the National Insurance cut will affect your own wages, we've included a handy budget calculator below which will tell you how much your contributing to National Insurance now, what you will contribute next year, and how much you'll save a year. All you need to do is simply type in your annual salary before taxes and hit 'calculate'.