Watch live: Rachel Reeves delivers Spring Statement

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       Chancellor Rachel Reeves has revealed a boost for Universal Credit recipients as the standard weekly allowance is set to increase from ￡92 in 2025-26 to ￡106 by 2029-30. During today's (March 26) Spring Budget address to the House of Commons, Ms Reeves outlined changes to the welfare scheme.

       She said: "The universal credit standard allowance will increase from ￡92 per week in 2025-26 to ￡106 per week by 2029-30, while the universal credit health element will be cut by 50% and then frozen for new claimants."

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       She emphasised Labour's challenge in reforming what she dubbed a "inherited a broken system" of welfare, highlighting the high numbers qualifying for personal independence payments and the significant portion of young people not engaged in employment, education or training.

       "The OBR (Office for Budget Responsibility) have said that they estimate the package will save ￡4.8 billion in the welfare budget, reflecting their judgments on behavioural effects and wider factors," Ms Reeves told MPS in the Commons. "This also reflects final adjustments to the overall package, consistent with the Secretary of State's statement last week and the Government's Pathways to Work Green Paper."

       Ms Reeves continued her critique, indicating a pressing need for change: "If we do nothing, that means we are writing off an entire generation. That cannot be right. It is a waste of their potential and it is a waste of their futures."

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       She concluded her speech with a firm stance against further tax increases, assuring that her spring statement "does not contain any further tax increases", reports Lancs Live.

       Highlighting Labour's endeavours to tackle tax evasion, she added: "Today, I go further continuing our investment in cutting-edge technology, investing in HMRC's capacity to crack down on tax avoidance and setting out plans to increase the number of tax fraudsters charged each year by 20%. These changes raise a further ￡1 billion, taking total revenue raised from reducing tax evasion under this Government to ￡7.5 billion."

       Universal Credit is money is paid by the state to people who have a low income or no income (Image: Getty )

       What exactly is Universal Credit?

       Universal Credit stands as a financial lifeline, designed for those in need of support with their living costs. Generally paid monthly, recipients in Scotland have the option of semi-monthly payments.

       You may be entitled to this benefit if your income is on the lower end, you're out of work, or unable to work due to health reasons. In the case of existing benefits, Universal Credit takes over from several benefits and tax credits:

       Child Tax Credit Housing Benefit Income Support income-based Jobseeker’s Allowance (JSA) income-related Employment and Support Allowance (ESA) Working Tax Credit

       If you are currently in receipt of any of these forms of welfare, no action is necessary unless:

       your circumstances change you get a letter called a ‘Migration Notice’ telling you that you must claim Universal Credit

       On receiving a Migration Notice, it's vital to switch to Universal Credit by the date given in your letter to continue receiving financial support. Once you or your partner apply for Universal Credit, your current benefits and tax credits will stop.

       Eligibility for Universal Credit explained:

       Universal Credit may be claimable if you experience low income or require assistance with your living costs. This includes individuals who are:

       out of work working (including self-employed or part time) unable to work, for example because of a health condition

       Universal Credit stands as a financial lifeline, designed for those in need of support with their living costs (Image: Getty)

       To be eligible to claim, you must:

       live in the UK be aged 18 or over (there are some exceptions if you’re 16 to 17) be under State Pension age have ￡16,000 or less in money, savings and investments

       If you've received a Migration Notice letter instructing you to claim Universal Credit, be aware that different eligibility rules apply. You can use a benefits calculator to determine what benefits you may be entitled to.

       For EU, EEA, or Swiss citizens, you and your family might need to secure settled or pre-settled status via the EU Settlement Scheme to qualify for Universal Credit. It's crucial to check if you're still eligible to apply for the EU Settlement Scheme.

       If you cohabit with your partner, both of you must jointly apply for Universal Credit. A joint claim for your household is required, even if your partner doesn't meet the eligibility criteria. The amount you receive will be influenced by your income, savings, and your partner's financial situation.

       Even if only one of you has reached State Pension age, you and your partner can still apply for Universal Credit as a couple. Your Universal Credit payments will stop once both of you reach State Pension age. If you're receiving Pension Credit, it will cease if you or your partner apply for Universal Credit.

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       Generally, staying on Pension Credit is more advantageous. You can use a benefits calculator to see which option is better for you.

       If you're studying or in training, you can claim Universal Credit if you're in full-time education and any of the following conditions apply:

       you live with your partner and they’re eligible for Universal Credit you’re responsible for a child, either as a single person or as a couple you’ve reached State Pension age and live with a partner who is below State Pension age you’ve received a Migration Notice letter telling you to move to Universal Credit

       If you're 21 or younger, studying for an A level or equivalent qualification and don't receive parental support, you may be eligible for Universal Credit. This also applies if you're part-time or on a course that doesn't offer student loans or financial aid.

       Check the guidance about claiming Universal Credit as a student.

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       Students with disabilities or health conditions can claim Universal Credit if they're in full-time education and have been assessed as having limited capability for work by a Work Capability Assessment before starting their course. They must also be entitled to any of the following:

       Personal Independence Payment (PIP) Disability Living Allowance (DLA) Child Disability Payment (CDP) in Scotland Attendance Allowance Armed Forces Independence Payment Adult Disability Payment (ADP) in Scotland Pension Age Disability Payment (PADP) in Scotland

       16 or 17 year olds can make a claim for Universal Credit if any of the following apply:

       you have a health condition or disability and have medical evidence for it, such as a fit note you’re caring for someone who gets a health or disability-related benefit a medical professional has said you’re nearing the end of life you’re responsible for a child you live with your partner, have responsibility for a child and your partner is eligible for Universal Credit you’re pregnant and expecting your baby in the next 11 weeks you’ve had a baby in the last 15 weeks you do not have parental support, for example you do not live with your parents and are not under local authority care

       Members of the armed forces stationed abroad can apply for Universal Credit using a specific address.