Nine ways the Budget could affect you if you're under 25
Summary
The Budget announced by Chancellor Rachel Reeves brings changes affecting young people, including a rise in minimum wages, a freeze on student loan repayment thresholds, and support for youth employment. Some tax changes could affect renters and online shopping. New taxes include the "milkshake tax" on sugary drinks.Key Facts
- Minimum wages will increase from April, with 18 to 20-year-olds seeing the largest hourly rise to £10.85.
- The threshold for repaying student loans will stay the same from 2027-28, impacting how much young workers pay.
- An international student levy will charge universities £925 per overseas student annually from August 2028.
- Income tax rates on rental income will increase by 2%, possibly impacting rent prices.
- £1.5 billion is allocated over five years to help 16 to 24-year-olds find jobs or training, with funds for apprenticeships.
- Scrapping a tax loophole could make some online shopping more costly from 2029.
- A new "milkshake tax" will apply to sugary drinks, targeting pre-made lattes and fizzy beverages.
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