What you need to know in your budget

Our Budget will help fix the NHS and rebuild Britain and ensure workers don't face higher taxes on their payslips.

We have made difficult decisions about taxes, spending and benefits to restore economic and fiscal stability so we can invest in our nation's future and achieve our mission for growth.

This Budget will help reduce hospital waiting lists and we will invest in the UK to rebuild our schools, hospitals and broken roads.

Here are some steps to help fix the foundations of our country and transform the lives of working people:

Wage hikes for millions of workers next year

From April 2025, the national living wage has been increased from 11.44 to 12.21 per hour.

The 6.7% increase is worth $1,400 per year for a qualified full-time worker and is an important step in ensuring the minimum wage is a real living wage.

New funding to fix the NHS

We have allocated an extra $25.7 billion to the NHS over this year and next.

This is the largest increase in NHS spending since 2010, excluding COVID-19.

This includes funding to help the NHS provide 40,000 extra appointments each week, reducing waiting times. Elective care is pre-planned care, such as a knee replacement.

The budget also includes:

$1.5 billion for new surgical hubs that will help build capacity for more than 30,000 additional procedures and 1.25 million additional diagnostic tests (using CT or MRI scanners).

$70 million invested in new radiotherapy machines to improve cancer treatment

Investing more than $2 billion in NHS technology and digital improvements to increase productivity and save staff time

Increased local government spending by more than 600 million won to support social welfare

$26 million to open new mental health crisis centers

Funding for more affordable housing

Our new housing package will deliver up to 5,000 new affordable social homes.

This includes $500 million in new funding for the Affordable Homes Program, bringing total investment in housing to over $5 billion.

This will support the delivery of 33,000 new homes across 128 million homes for housing projects across the country.

Investment to rebuild crumbling schools

We are investing $1.4 billion to rebuild our failing schools.

The investment will ensure the delivery of an existing school reconstruction program covering 50 reconstructions per year.

This investment, along with funding for children's social care, breakfast clubs and early childhood care, reflects the Government's commitment to putting education back at the forefront of people's lives and breaking down barriers to opportunity for all children.

National pension increase

To ensure retirement security for pension recipients, it has been decided to increase the basic pension, new national pension, and standard minimum guaranteed amount for pension deductions by 4.1% from April next year.

More than 12 million pensioners will benefit. The new full state pension will rise from 221.20 to 230.25 per week, providing an extra 470 per year.

The full basic pension will rise from 169.50 to 176.45 per week, worth an extra 360 per year.

End of tax breaks for private schools

Ended tax breaks for private schools to better invest in state education.

Currently, private schools can benefit from tax breaks such as charity rate relief and do not have to charge VAT on tuition or boarding fees.

From 1 January 2025, all educational and boarding services provided by private schools or their associates will be subject to VAT at the standard rate of 20%.

Protecting Critical Bus Routes

We have invested more than $1 billion to protect critical bus routes and limit bus fares, especially in rural communities and towns that rely heavily on buses.

Under inherited plans, funding for current bus fare caps was due to expire at the end of 2024, and fares on the Leeds to Scarborough route were set to rise by up to 13 unless the government intervened to lower fares.

Bus journeys will remain in the budget at three, with savings of up to 80% on some routes for an additional year.

The announcement will help keep fares low from 1 January 2025 and prevent a financial crisis for bus operators that could put vital services across the country at risk.

tax on vapes

To further support our mission to tackle issues in the NHS, we have introduced a new vaping duty.

A flat rate of 22p/ml has been introduced from October 2026 to discourage activities that lead to poor health.

This is accompanied by a one-off further increase in tobacco duty to maintain the financial incentive to choose vaping over smoking.

Limits on how much Universal Credit you can get to repay debt

The Government is enacting a new fair repayment rate that will limit deductions made through Universal Credit to 15% of the standard deduction. Before this budget it was 25%.

This means that around 1.2 million households will be keeping more of their Universal Credit payments each month, with households expected to be better off by an average of 420 more per year.

Increased savings for low-income people

The Help to Save scheme has been expanded. The scheme provides low-income earners with a savings account where they can save up to $50 a month for four years, with a 50% government subsidy at the end of the second and fourth years.

It helps workers start a lifelong savings habit and provides up to $1,200 over four years.

The scheme was due to end in April 2025 but has been extended by two years until April 2027. Eligibility for the scheme will be expanded from April 2025. Open to all working Universal Credit claimants who earn at least $1 a month.

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