Under 25 – six ways the Budget will affect you

Published On Oct 31, 2024, 11:29 AM

Chancellor Rachel Reeves has announced several budget changes that will mainly impact younger individuals in the UK. Key changes include an increase in bus and train fares, a rise in minimum wage but potentially fewer job opportunities due to increased employer taxes, new stamp duty costs for first-time home buyers, inheritance tax changes for young farmers, and higher taxes on vaping and smoking products. These measures might increase the cost of living for younger people, especially in commuting and housing.

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The increase in minimum wages might lead to increased operational costs for businesses, potentially impacting profits in the retail and services sectors. However, it could also mean increased consumer spending power, which might benefit companies in those sectors. As businesses adjust to these changes, certain retail stocks may see fluctuations in performance.

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