This article analyses the impact of the 2008 recession and subsequent austerity policies on the youth transition regimes of Spain and the UK. These two countries have different employment and social support models. However, both applied similar economic and policy responses to the 2008 recession, which had a marked neoliberal character. The article identifies whether or not the impact of these policies blurred the defining characteristics of their transition regimes. To do so, an analysis of employment and welfare policies is undertaken, and two key dimensions of youth transition regimes are critically analysed: the characteristics of employment and the forms of independent living. Our findings show that market dependence and the importance of class-related factors have been reinforced. Nevertheless, these similar patterns of change go together with the persistence of differences among regimes, which suggests that the effect of neoliberal policies is far from being uniform and systematic.