The Budget helps families by letting them keep more of their money.
I’m happy to see that this week’s Budget supports families, so they can save more of their income.
The changes include:
The threshold for the High Income Child Benefit Charge (HICBC) is raised to £60,000. This change is expected to benefit about half a million families, with an average gain of up to £1,260.
• A family with two children and an income of £55,000 could get about £1,109 more.
• A family with two children and an income of £65,000 might see an increase of around £1,664.
• A family with two children and an income of £75,000 could experience a boost of approximately £555.
More help with childcare
Starting in September 2025, working families in England will get 30 hours of free childcare for children aged nine months to school age. For families with a two-year-old who uses 35 hours of childcare each week, this help is worth £6,500.
