Budget 2016: What's in it for young people?

The introduction of a sugar tax was the big surprise in today's budget, but in between talking about obesity, pensions, flood defences and tobacco taxes there was some focus on education.

All schools to become academies, with longer school days

Plans to turn all state primary and secondary schools into academies actually came out yesterday; under the scheme schools must convert to academies by 2022 meaning that they control more of their budget and curriculum - taking power away from local authorities.  The Conservatives had hailed the plan as good for education, however critics have suggested that turning schools into academies does very little to improve performances.

Proceeds from the sugar tax, to be introduced in 2018, will go towards sport in primary schools.  The government expects the amount to be around £530m.  An extra £500m will also be made available for education.  Secondary schools will also be able to bid for an extra £285m in funding for extra after-school activities.

However, Osborne failed to address opposition concerns on school places, an apparent 'teacher shortage' and oversized classrooms.

Isa changes aimed at first time home buyers

Plans which affect older young people are the changes to Isas, aimed at helping young people save for a first home.  The amount you can put into an Isa will rise from £15,240 to £20,000.  Osborne also announced the introduction of a new Lifetime Isa, which also has a limit of £20,000.  The government will pay a 25% bonus on this, with the limit of paying in £4,000 per year.

That's about it for what directly affects young people.  Other major points were a freeze in fuel duty, further cuts of £3.5bn by 2020 and a state-backed scheme for low-paid workers to save.

Budget 2016: What's in it for young people? Budget 2016: What's in it for young people? Reviewed by Admin on 18:42 Rating: 5

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