What does the Budget mean for employers and employees?

Nick Hobden, Head of Employment, gives his verdict on the 6 March Budget from the Chancellor of the Exchequer.

“Significant tax cutting measures were aimed at working families, encouraging them to work more to ‘make work pay’, as Mr Hunt repeated during his speech. He has introduced another 2% reduction in employee national insurance contributions, to come into force in April making a total of 4 percentage points’ worth of reductions since January, equating to an average of £900 more cash in families’ pockets for 2024. However, for employers facing rises to the National Living Wage rates from April, they will not see the upside of this tax reduction.”