How the Budget could affect you if you're under 25

"Minimum wages will go up from April with 18 to 20-year-olds getting the biggest pay rise. Their hourly rate will go up by 85p to 10.85, while under-18s and apprentices will see a 45p uplift to 8 an hour. Over-21s will get a rise of 50p per hour to 12.71. Reeves said 2.7 million people will benefit from these increases."

"More broadly, the government is trying to bring minimum wages for 18 to 20-year-olds in line with workers aged 21 and over. But businesses have warned that the increases could push up prices and lead to a freeze on hiring. Think tank the Resolution Foundation said the "unnecessarily big" rise for under-21s specifically could make it harder for 18 to 20-year-olds to find work."

"The chancellor has frozen the threshold at which student loans must be paid back from 2027-28. The threshold is currently 28,470 for those with loans taken out from September 2012 onwards in England or Wales. This means each year, workers earning above that amount will be dragged into making larger repayments on their student loans than they would have if thresholds rose in line with inflation. Student loan repayments typically amount to 9% of their incomes over a given threshold each month."

Income tax thresholds are frozen. Minimum wages will rise from April: 18–20-year-olds' hourly rate increases by 85p to £10.85; under-18s and apprentices rise by 45p to £8.00; over-21s rise by 50p to £12.71. The government intends to align 18–20 pay with workers aged 21 and over. Businesses warned that higher wages could raise prices and reduce hiring. The student loan repayment threshold will be frozen from 2027–28 at £28,470, pushing more earners into 9% repayments on income above the threshold. An international student levy of £925 per overseas student from August 2028 will fund maintenance grants for disadvantaged students on priority courses.

Read at www.bbc.com