By Mehmet Solmaz
BIRMINGHAM, England (AA) — The UK on Wednesday announced the country’s Spring Budget, including a cut in national insurance for employees by 2 pence.
Revealing the budget at the House of Commons, UK's Chancellor of the Exchequer Jeremy Hunt said the fresh cut in national insurance contributions will go into effect from April 6 and will save £450 ($570) a year for a person on average salary.
Hunt said his policies mean “more jobs, more investment and lower taxes”, however, the main opposition Labour did not welcome the move.
Shadow chancellor Rachel Reeves has accused the Conservatives of overseeing "14 years of economic failure."
"Nothing the chancellor says or does can undo the economic vandalism of the Conservatives over the past decade,” she said.
The chancellor has announced a series of economic moves ahead of the upcoming general elections, which must be held no later than Jan. 28, 2025.
Hunt confirmed that the fuel duty will remain at its current rate and be frozen for the next 12 months. Keeping the “temporary” 5 pence cut means the fuel duty will stay at 53 pence per liter. The chancellor claims this will save average car drivers £50 ($63) next year.
The Spring Budget also includes a freeze on alcohol duty until February 2025, a move that has been welcomed by the hospitality sector in the country.
Hunt says his policies mean “more jobs, more investment and lower taxes” and accused the Labour of planning to destroy jobs and risk family finances.