Money saving expert Martin Lewis has warned that Brits who are paying back their student loans will “pay more in total” after Rachel Reeves’ tax raids in her Autumn Budget . Currently, graduates on Plan 2 student loans - those who attended university between 2012 and 2023 and paid £9,000 or more for tuition each year - repay 9% of everything they earn over £28,470. From next April, that will go up to £29,385, which will be frozen for the next three years .

The Chancellor predicts that the announcement, instead of falling alongside interest rates and inflation, will raise £400m a year for the Treasury. Freezing the threshold instead of raising it each year as wages go up means that each year, more people will begin repaying as salaries increase.

Martin Lewis shocked as Rachel Reeves

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