Politics · United Kingdom · 7 hrs ago
UK Budget offers young workers and first-time buyers support
UK Chancellor John Healey’s Budget sets out measures affecting people under 25.
From next April, the minimum wage for 18-to-20-year-olds will rise by 3.9% to £11.27 an hour, while the rate for over-20s will be £13.21.
A First Time Buyer Isa is planned for 2029, with a 25% government bonus on contributions of up to £4,000 a year, replacing the Lifetime Isa.
In England, an existing £4.7bn home-buying scheme aims to help 70,000 people buy new-build homes with a 2.5% deposit and a government loan.
The government will also pilot a Young Entrepreneurs Allowance in England to help cover living costs during a business’s first year, though details are limited.
But the Budget announced no new help for young people out of work, despite Healey acknowledging the scale of the problem.
Chancellor John Healey’s Budget includes a 3.9% minimum wage rise from next April for workers aged 18 to 20.
Their hourly minimum wage will rise to £11.27, while the rate for workers over 20 will be £13.21.
The Budget plans a First Time Buyer Isa from 2029, with a government bonus on eligible savings.
A separate £4.7bn scheme aims to help first-time buyers in England purchase new-build homes with a 2.5% deposit.
The government will pilot an allowance in England to help cover young entrepreneurs’ living costs during their first year in business.
- Who
- Young workers, first-time buyers and young people starting businesses.
- What
- The Budget includes a minimum wage rise and plans for housing and entrepreneurship support.
- When
- The Budget was announced on Wednesday. The wage rise starts next April, and the First Time Buyer Isa is planned for 2029.
- Where
- The measures cover the UK or England, depending on the scheme; the first-time buyer scheme and entrepreneurs’ allowance are for England.
- Why
- The measures aim to support young workers, help people onto the housing ladder and encourage young people to start businesses.
This story does not have two clearly opposing sides.
Workers aged 18 to 20 will receive the same minimum wage increase as older workers, according to the article.
Chancellor John Healey announced the Budget, including measures on wages, housing and young entrepreneurs.
The minimum wage for workers aged 18 to 20 is due to rise by 3.9%.
The First Time Buyer Isa is due to be introduced, replacing the Lifetime Isa.
- Minimum wage rise
- 3.9% for workers aged 18 to 20 from next April
- Hourly minimum wage
- £11.27 for 18-to-20-year-olds; £13.21 for workers over 20
- First Time Buyer Isa
- Planned for 2029; 25% government bonus on contributions of up to £4,000 each year
- First-time buyer scheme
- £4.7bn scheme in England aiming to help 70,000 individuals and couples
- New-build deposit
- 2.5% of the home’s value
- Young Entrepreneurs Allowance
- Pilot in England to help cover living costs during a business’s first year