Autumn Budget 2024 – Our representation to the Treasury

Chancellor of the Exchequer Rachel Reeves is due to present her Autumn Budget statement on Labour’s economic plan on October 30.

This will be the party’s first since taking power from the Tories in dramatic fashion in the July election.

It comes after Deputy Prime Minister Angela Rayner unveiled a planning overhaul as part of the Government’s pledge to build 1.5million new homes in England over the next five years.

Interest groups, individuals and representative bodies were given the chance to submit representations to the Treasury ahead of the Budget.

As a leading social housing provider, our recommendations focused on areas which we believe will support the Government’s mission to kickstart economic growth.

What did we ask for?

Confirmation of the next long-term Affordable Homes Programme (AHP) and social housing rent settlement

• We urge the Government to provide a guarantee that the programme will be extended beyond 2026 with increased funding to mitigate the impact of both higher inflation and interest rates.
• We welcome the proposal for a new 10-year social rent increase settlement with a cap at CPI+1.
• As part of the wider sector, we would welcome confirmation from Government on what would happen with the rent settlement should inflation rise again to levels we saw a few years ago.
• If an introduction of a ‘cap and collar’ approach were to be considered for social rent, it would need to be evaluated with one eye on customers’ financial wellbeing and the other on the sector’s own ability to fund the various demands placed upon it.

Delivering long-term funding for social housing decarbonisation.

• We recommend Government commits to a long-term extension of the Social Housing Decarbonisation Fund (SHDF) for a period of at least 10 years, giving us the confidence to invest and plan effectively.
• We would also recommend flexibility in funding across tenures to facilitate area-based retrofit.
• Investing in retrofit will help to deliver across the Government’s ambitions through stimulating growth, bringing economic benefits and reducing the cost of energy.

 Boost workforce skills with a Green Skills strategy

• A long-term Green Skills strategy is needed to ensure we have the available workforce ready, with the skills required, to support long-term net zero goals.
• That the Government support apprenticeships and employment programmes that employ and upskill local people to deliver retrofit within their communities throughout the supply chain.
• Deliver on these recommendations will help to address widespread skills shortages and complement the Government’s plans to ensure the UK has a highly skilled workforce.

Support low paid workers at home

• We welcome the Government’s proposals to make flexible working more mainstream under the Deputy Prime Minister’s plan to ‘Make Work Pay’.
• The Government should consider making employers responsible for meeting the costs of equipment purchases and home adjustments needed to work from home comfortable and safely, and any additional energy or internet costs incurred by homeworkers.
• The DWP take a more active role in ensuring claimant awareness of social tariffs in the utilities sector, for example by notifying those who sign up for Universal Credit of the additional schemes for which they are eligible.

Invest in tech that allows people to love at home longer

• We suggest increased investment at UK government level for housing providers to be effective facilitators of assistive support technologies.
• Support should be increased for effective partnerships between housing, health and social care providers to encourage person-led solutions, data sharing and reduced waiting times for individuals to access support to live independently.
• Widening the Disabled Facilities Grants, social work and NHS adaptations processes to include a great variety of lower-level technology and wider consideration of support needs within the home.

Stonewater CEO Nicholas Harris said: “Labour’s first months in government have been encouraging for the sector, particularly their pledge to build 1.5million new homes in next five years.

“And while the Government lays out its plan to guide the country out of the housing crisis, it is important we continue to make recommendations we believe will help stimulate economic growth and deliver for our customers.

 “The Affordable Homes Programme has been hugely successful, and an extension will enable long-term delivery programmes that promote growth and give providers the resources they need to make a difference.

“We are committed to tackling the retrofit challenge, and a long-term extension of the Social Housing Decarbonisation Fund allows us to stimulate and expand the supply chain – particularly supporting the heat pump manufacturing sector to grow.

“In the modern era of hybrid and remote working, we want to ensure low paid workers have the assistance to undertake flexible working. But it is also important we empower older residents to 'age in place'.

“We look forward to the Autumn Budget announcements and hope the Government will consider our recommendations.”