Xiaohongshu
On 28 October 2026, the Chancellor of the Exchequer delivered his budget statement to the House of Commons, outlining the government's taxation and spending plans for the year ahead.
But what does that mean? And how does it affect you?
What is the Budget?
Each year the Chancellor of the Exchequer delivers the Budget statement alongside releasing a full document online. The first bit of the statement usually gives an overview of the nation's finances and the current economic situation and then moves on to proposals for taxation. The Budget also includes forecasts for the economy which have been made by the Office for Budget Responsibility (OBR).
The Chancellor of the Exchequer is the government’s chief financial minister and has overall responsibility for the work of the Treasury Department. The current Chancellor is John Healey MP, who’s primarily response for managing the economy.
What this means for you
Overall, there is little by way of financial support for students. We are disappointed that cost of living support continues to ignore our students and have written on behalf of Russell Group Students' Unions to argue that politicians need to do better.
That said, some of the changes announced in this year’s budget will have an impact on students.
- The National Minimum Wage for 18-to-20 year-olds will rise from £10.85 an hour to £11.27 next April. For anyone 21+, it will be increasing from £12.71 to 13.21.
- Import taxes on over 100 food products will be removed, meaning your weekly shop could be a little cheaper.
- Gas standing charges have been removed. The standing charge is a fixed daily amount that is added to your energy bill, regardless of how much gas or electricity you use. For some people, this may mean lower energy bills.
- If your house is in council tax bands A-D, you’ll be getting a £100 payment to help with the cost of energy bills. Check your council tax band here: https://www.gov.uk/council-tax-bands
- Universities who are considered “high compliance” institutions with regard to student visas can retain the 24-month graduate visa route, which is being cut to 18-months. This may include UCL, but this has not been confirmed yet.
How to get involved
The Budget doesn’t highlight students specifically, and student loans are not mentioned at all. There’s work to be done in terms of getting your issues on the agenda.
There are a few ways to get involved and make a change, including:
- Write to your MP – your local MP is responsible for representing you and your issues, so make sure you’re making your voice heard. You can find who your MP is here, and get in touch with them.
- Check out our website to see all the ways you can get involved and make a change.