U.K. to Cut National Insurance Taxes in Spring Budget, Balanced by £9B in New Measures

• U.K. finance minister Jeremy Hunt plans to cut national insurance taxes in upcoming Spring Budget to reduce tax burden, which is at 70-year high • Cuts expected to be balanced by £9B in savings from measures like hiking taxes on oil/gas companies and removing tax breaks • National insurance is 10% tax on weekly earnings from £242-£967, plus 2% above £967, on top of income tax • U.K. has 16th highest taxes in OECD at 35.3% of GDP, higher than U.S. and Asia but below most European countries
• U.K. has 9th highest personal income tax in OECD at 28.79%, but low corporate tax rate at 8.8% versus 10.23% OECD average