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.
