George Osborne announced his budget for 2015 on Wednesday, and as usual, it took a while to decipher what exactly was in it for young people.
There will be a 20% pay increase for apprentices, which equates to 57p, bringing the hourly wage to £3.30 an hour, while the minimum wage will also rise by 20p an hour to £6.70.
Originally, rates were recommended by the Low Pay Commission but the government has decided to go one step further than the 7p an hour increase suggested for apprentices. They apply to those aged 16 to 18, and those aged 19 and above who are in their first year.
Spencer Mehlman, managing director of NotGoingToUni.co.uk, described the changes as a "significant increase".
“This is fantastic news. The recent National Apprenticeship Week has shown that more and more young Britons are looking at alternative routes to university and this real-wage increase can only help to make apprenticeships more viable to low income families, breaking down the barriers to entry for millions of young people in the UK. "
According to Mehlman, the average level 2 & 3 apprentice earns £257 per week, or £13,364 per year. The 20% increase will take this up to £308.40 per week, or £16,036.80 per year.
While there are those who are celebrating the good news for apprenticeships, others are disappointed at the lack of education-related proposals.
Michael Mercieca, CEO of Young Enterprise, a charity delivering business skills to youths, said he had hoped to have seen more commitment to support education.
"Delivering financial and enterprise education to primary school children and making it a statutory part of the curriculum will increase financial literacy and financial inclusion.
"It is imperative that we invest in our young people in order to improve young people's life chances and strengthen their communities and the UK’s economy."
The chancellor also announced loans of up to £25,000 would be available for postgraduate PhD students, while promising the government would conduct a review into how funding for postgrads could be improved.
Budget 2015: The Main Points
An end to austerity! Eventually.(01 of10)
Open Image ModalThe squeeze on public spending is to end a year earlier than planned, so that in 2019/20, spending will grows in line with the growth of the economy - bringing state spending as a share of national income to the same level as in 2000. (credit:goir via Getty Images)
A penny off a pint (again)(02 of10)
Open Image ModalBeer duty will be cut for the third year in a row and wine duty will be frozen. (credit:nitrub via Getty Images)
Millions to get a tiny tax cut(03 of10)
Open Image ModalPersonal tax allowance will go up to £10,800, from £10,600, next year and £11,000 the year after. Osborne says this is a tax cut for 27 million people. The 40p income tax threshold will be upped to £43,300 in 2017-8, up from £42,385. (credit:maybefalse via Getty Images)
ISA, ISA baby(04 of10)
Open Image ModalThere will be help for first time property buyers and savers with subsidised ISAs to help get people on the property ladder and the first £1,000 of interest will be tax-free.
The annual savings limit for ISA ill be increased to £15,240 and a fully flexible ISA will be created. New Help to Buy ISA for first-time buyers that allows the government to top-up by £50 every £200 saved for a deposit.
From April, next year, a new personal savings allowance will mean first £1,000 of interest on savings will be tax-free. (credit:Dhb-photography via Getty Images)
The end of the annual tax return (Yes, we knew that already)(05 of10)
Open Image ModalWe already knew this but the Chancellor announced the abolition of the annual tax return. "People should be working for themselves, not the taxman," he says. (credit:PA/PA Wire)
The worst will pay more to the best(06 of10)
Open Image ModalAnother £75 million will be taken from Libor fines, paid by misbehaving banks, and given to charities for military regiments that fought in Afghanistan. The government will also pay towards a permanent memorial to those who died in the wars Afghanistan and Iraq and help to renovate the Battle of Britain memorials. (credit:Ben Birchall/PA Wire)
More tax from people with big pensions(07 of10)
Open Image ModalThe pension pot lifetime allowance - the amount you can receive in pension payments without incurring an extra tax charge - will be reduced from £1.25m to £1m from next year, which is expected to save £600 million a year. (credit:Rosemary Calvert via Getty Images)
Praise the Lord! More money for church roof repair(08 of10)
Open Image ModalIn The Autumn Statement, Osborne announced a £15 million fund for repairing church roofs. But it's so oversubscribed, it's going to be trebled. (credit:Kirsty Wigglesworth/AP)
The 'Google Tax'(09 of10)
Open Image ModalOsborne confirmed a tax on "diverted profits" will into effect in April. It will apply on multinational firms that make money in the UK but move profits offshore.
(credit:ASSOCIATED PRESS)
Inheritence tax avoidance probe(10 of10)
Open Image ModalOsborne announced that a review of avoidance of inheritance tax through "deeds of variation" would be conducted and report back in Autumn. Deeds of variation allow changes to be made to a person's will within two years of their death, provided all the beneficiaries agree.
It follows accusations Ed Miliband and his brother David avoided tax this way after the death of their father. (credit:eric1513 via Getty Images)