Big announcements, big questions: what does the 2026 budget actually mean for you?

The first budget under Andy Burnham’s government was announced live in Parliament on Wednesday 28th October. Whether you’re a politics buff or simply curious about what these changes will actually mean for you, here is our student-friendly breakdown of the key points. 

Part-time jobs 

Guild of Students via Google Maps

The minimum wage has been upped! Hourly rates for both 18-21s and 21 year-olds and over are being increased by 3.9%.

The new standards for the National Living Wage will come into effect on April 1st 2027. Over 21s will now receive £13.27 an hour, and employees aged 18-21 receive £11.27. While not a huge difference, every penny counts when it comes to juggling rent, nights-out, and all those other sneaky hidden costs of student life.

We’ll be thanking John when our VK payments don’t decline in Circo. 

Cheaper food and drink 

Next time you’re in the mile-long queue on a Sunday afternoon in Aldi questioning your budget-friendly choices, fear not. According to The Independent, the budget includes a reduction in import tariffs on many student cupboard staples. Think chocolate, sweets, baked beans, and gherkins (for the pickle fans amongst you), all at reduced prices. 

Next time the cupboard is looking empty, go on and treat yourself to a boujie sweet-treat filled shop for less. You deserve it. 

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Help for first-time buyers

After surviving the battle against freshers to secure your much-loved house on Dawlish Road, you’re thrown into an arguably worse fight: trying to find somewhere to live without help from student finance. 

But thankfully, for those final years having a mild existential crisis about life post-graduation, the government’s new Your First Home scheme should give you at least a bit more peace of mind. Offering a 20% equity loan and help with deposits, getting onto the property ladder seems slightly less impossible.

Economic support for the Midlands 

The budget also included some pretty significant plans for the different regions of the UK, with England’s second city potentially set to benefit from greater local investment. Thanks to fiscal devolution (a fancy way of saying that local leaders get more control over how money in Birmingham is spent), the West Midlands could have more power to shape its own future. 

The Mayor of the West Midlands, Richard Parker, has expressed his “firm support” for the government’s plans, and is celebrating the chance to “turn these new powers into even greater results”. From regeneration, to new job opportunities and improved transport links, this money will help Birmingham become a better place to live, work, and study. Up the Brum xxx

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