In what he referred to as a ‘major reform’ to benefit the self-employed, Chancellor Jeremy Hunt explained that the Class Two National Insurance charge would be scrapped.

The compulsory flat fee of £3.45 per week paid by the self-employed earning more than £12,570 (which gives state pension entitlement) will no longer apply.

This, the chancellor insisted, would save the average self-employed person £192 per year.