Martin Lewis gives verdict on what happened in the 2024 Budget today [Video]

Increase on National Insurance cost to employers

The Chancellor announced that the rate of employers’ national insurance (NI) will rise by 1.2 percentage points, from 13.8% to 15% from April next year and the secondary threshold – meaning the level at which employers start paying the tax on each employee’s salary – will also be reduced from £9,100 a year to £5,000.

The Money Saving Expert said: ‘That is a big hit to many employers, although smaller employers will see an increase in the allowance they get so they now won’t have to pay National Insurance on their first £10,500 a year, which will save many smaller employers.

‘Currently, you start paying as an employer National Insurance at £9,100. If you drop that to £5,000 at a 15% rate, just on that difference alone that’s £615 more a year per employee.

‘Something is going …