Summer budget 2015


8 Jul 2015

Here are a few predictions for budget announcements likely to affect young people.

Tax credits

The Chancellor is expected to look to cut tax credits to make up much of the £12bn shortfall. Reducing child tax credit is likely to reduce incomes further amongst families with young people. Working tax credit which is paid to low earners 16-24 if they have a child or disability, will further impact incomes for young people negatively.

Apprenticeships

The government is focusing on apprenticeships as a key policy for young people, following its announcement to increase the number to 3 million. Recent reports suggest that much of these are likely to benefit people over the age of 25. Government needs to do more to ensure they are targeting young people by ensuring they receive the support to take up apprenticeships at school leaving age.

Housing

Government acknowledges there is an affordable housing crisis and that young people are being priced out of the market. We’re likely to hear more about the Conservative manifesto pledge to build 200,000 houses for first time buyers under 40 years. However the Conservative policy to remove housing benefit from young jobseekers is also likely to be implemented.