The BSA comments on the Chancellor’s Spring Statement 2022

Charlie Blagbrough, Policy Manager, Building Society Association (BSA), comments on the Chancellor of the Exchequer’s Spring Statement 2022 from 23 March 2022.

“With the increasing pressures on household budgets it’s good to see the Chancellor has announced policies that aim to alleviate this. In particular we welcome the announcement to remove VAT on energy saving materials for the next five years to help families make their homes more energy efficient.  ​
 
“We asked homeowners in our September 2021 Property Tracker what the biggest barrier to making energy efficient improvements to their current home was. 50% of homeowners said the biggest barrier was meeting the initial upfront costs, so this relief will help. 

“But they also said that other barriers included taking too long to recover the cost of energy efficient improvements (46%) and being unsure about how much money would be saved as a result of the changes (40%).

“The Government needs to work with lenders, energy efficiency installers and others to help consumers understand the benefits of improving their homes, particularly with the cost of energy crisis in full focus.”

Further information on the BSA’s Property Tracker can be found here.

Kindly shared by The Building Societies Association (BSA)

Main photo courtesy of Pixabay