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Medics Money podcast
Ep 202: NHS 2.0?! Budget 2024 Update
Mar 7, 2024
Explore the implications of the recent budget on healthcare professionals, including changes in National Insurance Contributions, NHS funding, ISA allowances, tax reforms, and thresholds adjustments. Discover how these updates may affect doctors and learn about the government's tax policies and budget predictions.
09:54
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Quick takeaways
- National insurance contributions to decrease for employees and the self-employed in April 2024.
- NHS to receive £3.4 billion funding for productivity plan including AI and digital transformation initiatives.
Deep dives
Changes in National Insurance Contributions
The Chancellor announced a further 2% cut in national insurance contributions for employees and the self-employed from 6th of April 2024. The national insurance contribution rate for employees earning between £12,570 to £50,270 will be reduced to 8% from April 2024. Self-employed individuals will see a decrease in their class 4 national insurance contributions from 9% to 6%. Additionally, the podcast mentioned the complete abolition of class 2 national insurance for self-employed individuals starting from April 2024.
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Discover
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