Poorest to gain just 63p a month from reversing national insurance hike, study warns

People earning above £100,000 will benefit most from tax cut in Friday’s mini-Budget, says IFS

Britain’s poorest households will gain just 63p a month from reversing the national insurance hike, a new study says – while people earning more than £100,000 will benefit the most.

Friday’s mini-Budget is set to fulfil Liz Truss’s campaign pledge to axe Boris Johnson’s tax increase – designed to rescue the crisis-hit NHS and adult social care – also raising fears of future funding cuts.

But the analysis by the respected Institute for Fiscal Studies (IFS) has underlined the extent to which the move will overwhelmingly be a boost for richer Britons.