Wages and savings updates
The minimum wage for 18 to 20-year-olds will rise by 3.9% to £11.27 an hour from next April, maintaining the pay disparity with workers over 20, who will receive a minimum of £13.21. Separately, the budget introduced a First Time Buyer Isa launching in 2029 to replace the Lifetime Isa. The new account will allow savers to build a deposit with a 25% government bonus on contributions up to £4,000 a year, without incurring withdrawal penalties.
Pending reviews and business support
The government confirmed that student loan repayment systems remain under review following calls for reform, though no immediate changes were announced. Additionally, England will pilot a Young Entrepreneurs Allowance to partially cover living costs for eligible young people starting a business during their first year of operation.