Key Facts

• The minimum wage for workers aged 18 to 20 is due to rise 3.9% next April, to £11.27 an hour; the rate for workers over 20 will be £13.21.
• The government plans to introduce a First Time Buyer Isa in 2029, with a 25% bonus on contributions of up to £4,000 a year.
• The new account will replace the Lifetime Isa; the £450,000 home-price cap will remain, while withdrawal penalties on existing Lifetime Isas will be lowered.
• A £4.7bn scheme called Your First Home aims to help 70,000 first-time buyers in England purchase new-build homes with a 2.5% deposit and a government loan covering 20% of the property's value.
• The government has not announced new measures to help the more than one million 18-to-24-year-olds who are not in employment, education or training; it is awaiting recommendations from Alan Milburn.
• The government says it is reviewing student-loan repayment rules, including those for Plan 2 loans, but the Budget did not announce reforms.
• A 21-year-old working full time at the minimum wage and holding a student loan taken out after 2023 will earn above the £25,000 repayment threshold, according to economist Ben Zaranko.