If you didn’t manage to catch the budget announcement yesterday, or even if you gave it a miss on purpose (I mean it’s not the most thrilling watching, despite Chancellor Hammond’s best attempts) fear not! We’ve rounded up the things that might actually have an impact on young people, so you know what it all means for you!
What’s stamp duty?
So, one of the announcements that was marked as a big win for young people was the fact that the government are scrapping stamp duty for first time buyers. Stamp duty is basically a tax you must pay whenever buying a property over a certain price. It might seem like you’re lightyears away from buying a house but this is set to benefit 95% of all first time buyers, so this announcement could have an impact when you do!
While this has been seen as a step in the right direction by some, others believe this won’t do much to relieve the housing crisis or help young people get on the property ladder and more needs to be done.
Buying a pint
Now for the really important stuff. This budget included a freeze on duty for beer, wine, spirits and most ciders, which means it’ll be about 1p cheaper for a beer and 6p for a bottle of wine. Not a great win, I’ll give you that! But we all know every little helps when you’re on the last few pennies of your student loan.
Fuel duty has been frozen again, which will save money for those of you who drive. However, green campaigners have not been happy about the decision.
For students over 25, the millennial railcard can help you save a third off travel. Available to all those ages 26-30, this railcard could be a god send. Again, some people are over the moon about this but some believe it’s just a small token for young people and the real issues need to be addressed.
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