CIH responds to Chancellor’s summer economic update

Today, 8 July 2020, the Chancellor of the Exchequer delivered his summer statement in the Commons on UK economic recovery from pandemic.

In response to the statement, CIH chief executive, Gavin Smart said:

“The announcement of £50m to retrofit social housing, plus £2bn towards a new ‘green homes grant’ for lower income households is a good start, although much more investment is needed. It also brings the potential to create much-needed jobs. This must be the first step in addressing the climate change emergency and has the potential to reduce fuel poverty. Government must ensure it is followed quickly by a clear plan and resources to get the housing stock up to the targeted energy efficiency levels by 2035 – and meet the Government’s firm commitment to achieve that enormous task. We’re seeing just the first instalment of a promised £9.2 billion investment in the Conservative manifesto and we now look to the Spending Review in the Autumn for the Government to demonstrate a clear commitment to delivering a zero-carbon future for the nation’s housing stock.

“The temporary cut in stamp duty might provide an opportunity to stimulate the housing market but, without increasing supply, this is likely to lead to an increase in already high house prices.

“That’s why we need to see housing – and homes – at the heart of Government’s plans for economic recovery. The Chancellor’s Autumn Budget and Spending Review will provide an early opportunity for government to invest in new homes, including the 90,000 homes at social rents needed each year to solve our acute housing crisis.”

Kindly shared by Chartered Institute of Housing (CIH)