00:00 The way we tax people's income is particularly unfair. If you get your income from having
00:06 a job, you pay two types of tax - national insurance contributions and income tax. If
00:13 you get it from other sources, you pay only one. This double taxation of work is unfair.
00:19 Because we have asked those with the broader shoulders to pay a bit more, today I go further.
00:25 From April 6, employee national insurance will be cut by another 2p, from 10% to 8%.
00:33 And self-employed national insurance will be cut from 8% to 6%. It means an additional
00:42 £450 a year for the average employee, or £350 for someone self-employed. When combined
00:51 with the autumn reductions, it means 27 million employees will get an average tax cut of £900
00:59 a year. Two million self-employed will get a tax cut averaging £650. We today put this
01:08 country back on the path to lower taxes. A plan to grow the economy versus no plan. A
01:16 plan for better public services versus no plan. A plan to make work pay versus no plan.
01:24 Growth up, jobs up, taxes down. I commend this statement to the House.
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