There have been two National Insurance cuts in the last six months, taking four pence off the headline rate paid by employees. The Chancellor Jeremy Hunt has argued that this delivers “hundreds of pounds back into the pockets of hard-working Brits”. But it is more complicated than that because the National Insurance cuts go hand in hand with a decision first taken when Rishi Sunak was Chancellor to freeze the income tax personal allowance at £12,570. That is the amount of money you can earn before you start paying tax and it is going to stay at that level until at least 2028. Until it was froz…