Five ways the Budget will affect you if you are under 25

The Budget contained plans to help people get onto the housing ladder, including the introduction of a "First Time Buyer Isa". This is an account in which savers can build up a deposit, with the government topping up contributions of up to £4,000 each year with a 25% bonus.

The new savings account will be introduced in 2029, replacing the existing Lifetime Isa, which has been criticised by some for imposing harsh penalties on those buying homes for more than the £450,000 cap.

The cap will remain, but the new "First Time Buyer Isa" will ensure savers are not penalised by losing their own money when making withdrawals. The penalty for withdrawals from existing Lifetime Isas will be lowered, too, to address concerns about savers being punished.