Budget 2026: what it means for your wallet, your mortgage and your pay
Despite an outcry, the salary threshold for repaying his plan 2 student loan will remain frozen at £29,385 for three years from next April, so any pay rise is likely to trigger payments.
Key points
- He earns £28,500, out of which he pays £3,186 in income tax and £1,274 in national insurance (NI) contributions a year.
The point at which you start to pay tax, and the point where you tip into paying a higher rate of tax have been frozen for three more years.
This results in take-home pay of £2,003 a month or £24,040 a year.
How this summary was made: extractive summary — built from the sources' own reporting. It is drawn only from the reporting of the sources listed below — read the originals for full detail. How we summarize →
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