Budget Announcements Impacting Young People
The recent Budget introduces changes affecting minimum wage and housing assistance for those under 25.
1 min read
Minimum Wage Adjustments
The Budget includes a rise in minimum wage for young workers, specifically those aged 18 to 20. This increase is set at 3.9%, but it reflects a reversal from previous commitments to eliminate age-based wage disparities. As a result, young workers will see their pay rise to £11.27, while those over 20 will earn a minimum of £13.21 per hour.
Housing Support Initiatives
Plans to assist young individuals in accessing the housing market were also unveiled. The introduction of a new savings account, the "First Time Buyer Isa," aims to help savers accumulate a deposit with government contributions. This account will replace the existing Lifetime Isa, which has faced criticism for its withdrawal penalties. Additionally, a £4.7bn initiative named Your First Home is designed to support first-time buyers in England, allowing them to purchase new homes with a minimal deposit.
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