Over the past few months, we’ve campaigned on key issues that were part of this week’s budget. With the dust settling on the headlines, we wanted to share our thoughts on some of the announcements. 

• • Having campaigned with the Building Societies Association against decreases in the cash ISA limit, we were disappointed to see this happen. While we acknowledge the existing limit will remain for savers aged 65 and above, we believe a reduction from £20,000 to £12,000 for others will be detrimental to many more people, including those already struggling to save for deposits to try to take their first steps onto the property ladder. Beyond individual implications, the Building Society model itself is founded on savers’ money being used to fund mortgages to help people buy their own homes. To that extent, the more that people are able to save with us, the more lending we can do for mortgages that are kind to our planet and good for people and communities.

• • Last month, we signed e3g’s open letter to the Prime Minister opposing cuts to funding that helps make homes more energy efficient. We therefore welcome the announcement of additional funding for the Warm Homes Plan and look forward to hearing more about how this will benefit people and our planet.

• • While we appreciate the Chancellor’s proposals to reduce household fuel bills, it’s important that this isn’t at the expense of investment to improve energy efficiency, which will yield longer-term savings.

• • The Government repeatedly stated that economic growth is its top priority. We believe the transition to net zero offers huge economic and employment opportunities. This includes decarbonisation, which can protect consumers from volatility in energy markets and offer us greater energy security, as well as a reduction in carbon emissions and reliance on fossil fuels.

Rest assured, with the support of our Members, we’ll continue to push hard for change that will help us create a fair society in a sustainable world.

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