Chancellor Philip Hammond this week announced the Autumn budget and made a few announcements specifically aimed at helping out young people.
After Greater Anglia trialed a new railcard for those aged 26-30, Philip Hammond has committed to rolling out the card nationwide. The so-called “millennial card” will be available from spring of 2018, and offer up to a third off non-peak fares. This does mean that it won’t be of help for most commuters, as railcards can’t be used before peak times, which are usually before 10am.
Season tickets will be going up by 3.6% in January.
Investment in maths and science in schools
Schools are going to get £600 for every extra pupils who take A level or Core maths. £27 million will be given to help 3,000 schools improve how maths is taught, and £49 million will help students resitting GCSE maths.
There is also £350,000 of extra funding allocated to specialist maths schools across the country, and the number of science teachers will triple from 4,000 to 12,000.
Stamp duty for houses under £300,000 abolished for first-time-buyers
In an effort to help the young people struggling to get on the property ladder, the Chancellor has announced that stamp duty land tax is to be abolished for first-time buyers who are purchasing houses under £300,000. First-time buyers purchasing a house between £300,00 and £500,000 will pay no stamp duty on the first £300,000 and standard rates on the price over that.
The government say that 95% of first-time buyers who pay stamp duty will benefit, and 80% of people buying their first home will pay no stamp duty at all.
300,000 new homes a year
So that these first-time-buyers actually have houses to buy, the government have said that £15.3bn new financial support will be available for new house building over the next five years. This will include £1.2bn for the government to buy land to build the houses, and £2.7bn to build infrastructure to support these houses.
It is worth bearing in mind though that the government launched a flagship programme in 2014 to build 200,000 discounted new homes for first-time buyers and so far not a single house has been built.
Increase in the National Living Wage and National Minimum Wage
More good new for those over 25! In additional to your railcard, the National Living Wage will increase from £7.50 to £7.83 from April 2018.
The National Minimum Wage will also be increasing from April 2018.
Increase to tax-free personal allowances
Self-employed creatives will be able to earn more before getting taxed. From April 2018, the amount you can earn before having to pay tax will increase from £11,500 and £11,850. That’s £250 more in your pocket, and the government said that this means that a typical taxpayer in 2018-19 will pay £1,075 less income tax than in 2010-11.