National insurance: how much better off will the 2p cut leave workers?

Jeremy Hunt said his budget measure will benefit 27 million people - here's how it will work

• Budget: key points at a glance
• Hunt announces 2p cut in national insurance

A big national insurance cut was the centrepiece of Jeremy Hunt's autumn statement and he has done the same again for the spring budget. But just how much better off will UK employees really be?

The chancellor is cutting the main rate of national insurance contributions (Nics) paid by workers from 10% to 8% with effect from 6 April 2024, which he said would benefit 27 million workers. He also announced changes to the national insurance paid by those who are self-employed.