Chancellor of the Exchequer, George Osborne is to present the 2016 Budget on Wednesday.
In it, he is expected to propose a large increase to insurance premium tax, an increase to the personal tax threshold by around £300 and an increase to the minimum wage.
This could see the minimum wage for 21 to 24-year-olds rise from £6.70 to £6.95; 18 to 20-year-olds will receive £5.55 up from £5.30; and 16-17-year olds will receive £4.00 up from £3.87, while apprentices will get a a 10p increase to £3.40.
Although it will not be all good news as there are plans to cut disability benefits as part of the reform to Personal Independence Payments (PIP), meaning that around 200,000 people could be potentially removed from the benefit system.