Response to the 2024 Spring Budget

Deborah Wood, Chairman of the Association of Independent Specialist Medical Accountants, said:

“There was very little in the way of good news for general practice in today’s Budget announcement. While there will be small gains at a personal level for individual GPs and their staff through cuts to National Insurance contributions, there was no commitment to providing desperately needed additional funding for primary healthcare services. The financial sustainability of many GP partnerships is consequently under threat.”

Ms Wood explained that employed doctors and staff earning more than £50,270 a year will benefit from an additional £754 a year as a result of the 2p cut in National Insurance contributions (NICs). Staff earning between £12,570 and £50,270 will save 2p for every pound earned between the two thresholds.

Self-employed GP partners and locum doctors will also see a 2p cut in their Class 4 NICs for earnings between £12,570 and £50,270. With the abolition of Class 2 NICs announced in the Autumn Statement, they will also see an additional saving of around £179 a year.