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UK Budget 2026: Wage Rise, New Savings Scheme and Pilot for Young Entrepreneurs

1 reports1 sources10/28/2026 updated

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The 2026 UK Budget introduces a 3.9 % increase in the minimum wage for 18‑20‑year‑olds, setting it at £11.27 per hour from next April. It also announces a new savings vehicle to replace the Lifetime ISA, offering a government top‑up of up to £4,000 annually plus a 25 % bonus. The chancellor acknowledged the severity of the crisis facing young people but said solutions would not materialise immediately. Additionally, the government will pilot a "Young Entrepreneurs Allowance" in England and will consider further student‑loan reforms and targeted support for 18‑24‑year‑olds who are NEET, following the recommendations of the Alun Milburn review.

Written with AI from the reporting · updated 10/28/2026

Latest developmentOct 29, 02:55
UK Budget Raises Minimum Wage for 18‑20‑Year‑Olds to £11.27 an Hour
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  1. 1Unclassified fact stationOct 29, 00:00recorded Oct 29, 03:25single sourcerevised

    Budget 2026 measures affecting under-25s

    Read original source ↗ BBC BusinessReplay this moment in the explorer
    Evidence & revisions · 1 source records
    Subject：
    UK government
    Action：
    announced policy changes
    Object：
    young people under 25
    Occurred (fact side)：
    Oct 29, 00:00
    BBC Business ↗Report pageRevision 3 · currently revised
    Published (valid side)：
    Oct 29, 02:55
    First seen (known side)：
    Oct 29, 03:25
    Fact stationSingle source · one-sided claimRevised

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Oct 29
  1. BBC BusinessRelated fact: single sourceSource report revised
    UK Budget Raises Minimum Wage for 18‑20‑Year‑Olds to £11.27 an Hour

    Report first recorded Oct 29, 03:25

    The 2026 UK Budget increases the minimum wage for workers aged 18‑20 by 3.9%, bringing their hourly rate to £11.27. The rise applies from next April and is the same percentage increase given to older workers, meaning the age‑based differential remains. The change follows Labour’s decision to reverse a previous plan to equalise the minimum wage across all adults. The increase also means a 21‑year‑old on the minimum wage who took out a student loan after 2023 will reach the £25,000 repayment threshold, triggering a 9% repayment rate. The Budget also introduces a new “First‑Time Buyer ISA” in 2029, offering up to £4,000 a year in government top‑ups with a 25% bonus, and outlines a £4.7 bn scheme to help 70,000 first‑time buyers purchase new‑build homes with a 2.5% deposit and a 20% loan. No new measures for 18‑24‑year‑olds who are NEET were announced; the government will wait for Alan Milburn’s recommendations before acting.

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