National Insurance: Britons can save £294 a month after 'unexpected tax increase'

Earlier this week, the Government announced plans to hike National Insurance payments for employees and employers by 1.25 percent as part of its plans to address the country’s social care crisis. National Insurance is paid by the majority of workers in the UK through an automatic salary reduction. Through the tax, Britons become eligible for certain benefits and the new state pension. As part of the new “Health and Social Care Levy”, almost £36billion will be raised by taxpayers to prop up the country’s struggling social care sector.

The average homeowner in the UK can save approximately £294 a month just by remortgaging from one of the country’s six leading lenders’ reversion rates or standard variable rate (SVR).

Research carried out by Habito suggests that this is equal to a saving of £3,528 across a full tax year.