Chancellor Kwasi Kwarteng has announced that April’s National Insurance hike is to be reversed from 6 November.

The 1.25 percentage point increase was introduced under former chancellor Rishi Sunak, but during the Tory leadership race Liz Truss pledged to change it.

Use our calculator below to see how the change affects you:

The Treasury said most employees would receive a cut to their National Insurance contribution directly via their employer’s payroll in their November pay, although some may be delayed to December or January.

It calculated that almost 28 million people will keep an extra £330 of their money on average next year, while 920,000 businesses are set to save almost £10,000 on average next year thanks to the change.