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Martin Lewis explains the cuts to National Insurance in the 2024 Spring budget.

A new two per cent cut to National Insurance payments follows an earlier cut, bringing them down from 12% in November 2023 to 8% in April 2024.

But how much will the change really save you?

In this clip, Martin explains how much you'll save, depending on how much you earn. He then factors in fiscal drag - the fact that although wages and prices are rising, tax thresholds remain the same.

Ultimately, Martin says, these cuts are "a direct gain for working people."

And he jokes "Who would have thunk there was a general election coming this year?"

This clip was originally from Nihal Arthanayake on 6 March 2024.

Listen to the Martin Lewis Podcast on 大象传媒 Sounds.