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Consistent rounding in autumn budget table
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Fixes #850
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MaxGhenis committed Nov 22, 2023
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Expand Up @@ -46,13 +46,13 @@ He notably did _not_ announce reforms that outlets had previously reported he wa

## Household impacts of NIC cuts

For a [single person with only employment income](https://policyengine.org/uk/household?focus=householdOutput.earnings&reform=37636&region=uk&timePeriod=2023&baseline=1&household=37636), this reform produces a benefit if they earn at least £12,570. It would produce the maximum benefit of £377 if they earn at least £50,500.
For a [single person with only employment income](https://policyengine.org/uk/household?focus=householdOutput.earnings&reform=37636&region=uk&timePeriod=2023&baseline=1&household=32608), this reform produces a benefit if they earn at least £12,570. It would produce the maximum benefit of £377 if they earn at least £50,500.

![Figure 1: Impact of cutting 2p from NI rates on a single person](https://user-images.githubusercontent.com/35577657/284982425-25baa238-cdff-4beb-8d23-37a243fde848.png)
![Figure 1: Impact of cutting 2p from NI rates on a single person](https://user-images.githubusercontent.com/6076111/285001945-5d30d660-75c5-4fcd-9651-9b2fccab300a.png)

These reforms lower marginal tax rates for individuals earning within that region by 2 percentage points.

![Figure 2: Impact of cutting 2p from NI rates on a single person's marginal tax rates](https://user-images.githubusercontent.com/35577657/284982742-c1997732-6d33-4763-8597-984f61c798d8.png)
![Figure 2: Impact of cutting 2p from NI rates on a single person's marginal tax rates](https://user-images.githubusercontent.com/6076111/285002391-620c0fa8-7a39-4bd5-a68f-c0afa987d029.png)

_See how the National Insurance cuts would affect your own household using our [personalised calculator](https://policyengine.org/uk/household?focus=intro&reform=37636&region=uk&timePeriod=2023&baseline=1)._

Expand All @@ -68,8 +68,8 @@ Our estimates exceed those from HM Treasury by about 12%, disproportionately due

| Reform | HM Treasury | PolicyEngine | Relative difference | PolicyEngine link |
| ---------------------------------- | ----------- | ------------ | ------------------- | --------------------------------------------------------------------------------------------------------------------------- |
| Lower Class 1 NICs from 12% to 10% | 8.715 | 9.69 | 11.3% | [#28973](https://policyengine.org/uk/policy?focus=policyOutput.netIncome&reform=28973&region=uk&timePeriod=2024&baseline=1) |
| Lower Class 4 NICs from 9% to 8% | 0.345 | 0.44 | 26.9% | [#37642](https://policyengine.org/uk/policy?focus=policyOutput.netIncome&reform=37642&region=uk&timePeriod=2024&baseline=1) |
| Lower Class 1 NICs from 12% to 10% | 8.72 | 9.69 | 11.3% | [#28973](https://policyengine.org/uk/policy?focus=policyOutput.netIncome&reform=28973&region=uk&timePeriod=2024&baseline=1) |
| Lower Class 4 NICs from 9% to 8% | 0.35 | 0.44 | 26.9% | [#37642](https://policyengine.org/uk/policy?focus=policyOutput.netIncome&reform=37642&region=uk&timePeriod=2024&baseline=1) |
| Abolish Class 2 NICs | 0.38 | 0.42 | 9.4% | [#37665](https://policyengine.org/uk/policy?focus=policyOutput.netIncome&reform=37665&region=uk&timePeriod=2024&baseline=1) |
| Total | 9.44 | 10.54 | 11.8% | [#37636](https://policyengine.org/uk/policy?focus=policyOutput.netIncome&reform=37636&region=uk&timePeriod=2024&baseline=1) |

Expand All @@ -87,4 +87,4 @@ The reform has a [small, ambiguous effect on income inequality](https://policyen

## Conclusion

In summary, PolicyEngine estimates the Autumn Budget 2023's National Insurance reforms will cost £10.5 billion in 2024, and will benefit two in three Britons, disproportionately those in higher-income households. We project a small, ambiguous effect on income inequality, and a 0.5% poverty reduction. We invite readers to [use our personalised calculator to estimate the impact on their own household](https://policyengine.org/uk/household?focus=intro&reform=37636&region=uk&timePeriod=2023&baseline=1), and to follow our work for more analyses of current tax and benefit policies.
In summary, PolicyEngine estimates the Autumn Budget 2023's National Insurance reforms will cost £10.5 billion in 2024, and will benefit two in three Britons, disproportionately those in higher-income households. We project a small, ambiguous effect on income inequality, and a 0.5% poverty reduction. We invite readers to use our [personalised calculator](https://policyengine.org/uk/household?focus=intro&reform=37636&region=uk&timePeriod=2023&baseline=1) to estimate the impact on their own household, and to follow our work for more analyses of current tax and benefit policies.

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