If you are an 18-to-20 year-old earning the minimum wage, your pay will go up by 3.9% from next April.

However, the increase may be lower than you had expected. That is because Healey reversed course on how his Labour predecessor, Rachel Reeves, had been increasing the minimum wage for young people.

Labour had promised to do away with "discriminatory age bands", with all adults entitled to the same minimum wage. This year, 18-20 year-olds will see the same increase as older workers, meaning the disparity will remain. So, for 18-to-20 year-olds, your pay will rise to £11.27, while over-20s will be paid a minimum of £13.21 an hour.

The increase also means a 21-year-old, who is working full time on the minimum wage and took out a student loan after 2023, will now earn enough to meet the £25,000 repayment threshold, over which they will start paying back 9% of their earnings.

The Budget contained plans to help people get onto the housing ladder, including the introduction of a "First Time Buyer Isa".…