Yorkshire Building Society calls on Rachel Reeves to bring in new ISA for first-time buyers
Yorkshire Building Society has called on Chancellor Rachel Reeves to help first-time buyers in next month’s Budget through measures such as a new ISA for saving towards a deposit.
HM Treasury invited representations for the Autumn Budget, which the Chancellor will deliver on October 30 and YBS has submitted a formal response.
The mutual has called on the Government to prioritise fixing the country’s “broken” housing market, enable more homes to be built, help people make their homes more sustainable and support first-time buyers.
Its recommendations included a new help-to-buy scheme covering all types of property, to help first-time buyers, as well as a new ISA to help those saving towards a house deposit.
It also wants an increase in the Personal Savings Allowance from £1,000 to £5,000.
Tom Simpson, interim chief commercial officer at Yorkshire Building Society, said: “The Budget submission is an opportunity to influence Government policy in a way that will benefit our members.
“As a mutual, we are owned by our members and are committed to supporting them and helping customers achieve important life goals.
“We want to use our voice to stand up for our customers as they continue to face challenges such as the availability and affordability of quality homes along with the cost-of-living pressures.
“We want to see comprehensive reform of the housing market, to ensure its long-term viability for buyers, renters and landlords. It needs to work for all, or it doesn’t work.”
The Budget submission builds on the mutual’s ongoing work with politicians. It recently shared its five ‘Opportunities for Government’ with MPs, calling for support for first-time buyers and savers, lessons on managing money for all primary schoolchildren in England and more skilled jobs outside London.