Under-30s railcard, stamp duty hiatus: Hammond is about to unveil the most millennial Budget yet

 
Emma Haslett
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Happy faces at the ready: Millennials could win big from the Budget (Source: Getty)

After years of giveaways for the older generations, pressure is ramping up on Philip Hammond to attract younger voters by giving them a helping hand in his Autumn Budget tomorrow.

The effect of that may be that this will be the most millennial Budget yet, with measures to help young people buy homes, travel more cheaply and even help them with their student debt.

Here's what we're likely to hear:

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Under 30s railcard

Dubbed the "millennials railcard", Hammond is thought to be preparing to unveil cut-price rail travel for 26 to 30 year-olds. The card is expected to work in the same way as the current 16-25 railcard: it costs £30 a year, and gives the owner a third off the price of travel.

Stamp duty

House price growth might have slowed in recent months, but homes are still unaffordable for many first-time buyers. Hammond is expected to scrap stamp duty, which adds between two per cent and 10 per cent to the price of a home, altogether for first-time buyers, making it easier to climb the first rung on the housing ladder.

Help to Buy

The scheme, which provides either cash or an equity loan for first-time buyers, was extended by £10bn earlier this year. Hammond will reveal exactly what that means tomorrow.

Student loans

The Conservatives made noises about changes to student loans during their conference earlier this year, with plans to raise the income threshold at which they must start being repaid to £25,000, after which it will be pegged to earnings. But Sarah Coles, personal finance analyst at Hargreaves Lansdown, thinks Hammond will go further: "He could, for example, reduce the interest on the loans by linking them to CPI rather than RPI – bringing an end to one of the last remaining links to RPI."

Tuition fees

The Tories have already said they will freeze tuition fees at £9,250: Hammond is expected to confirm this.

Unlikely: More changes to the National Living Wage

Although the SNP has called for the National Living Wage to be replaced with a "Real Living Wage", which would be extended to under-25s, this is unlikely given the current living wage rose to £7.50 an hour earlier this year.

Read more: Here's what Budget 2017 could mean for the UK housing market

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