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Millions on Universal Credit could get a £1,200 savings boost as the Labour Party Chancellor Rachel Reeves is set to extend a scheme. Claimants on Universal Credit are set to receive a £1,200 savings boost in an announcement set to come in Wednesday’s Budget.

Ms Reeves looks set to make the Help to Save scheme permanent – with it due to expire in 2027. The Chancellor looks set to make the Help to Save scheme permanent and open to parents and carers from 2028 onwards.

The Labour Party government gives you a tax-free 50 per cent bonus on whatever you save. Help to Save is a type of savings account. It allows certain people receiving Universal Credit to get a bonus of 50p for every £1 they save over 4 years.

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