Andrew Craddock, Darlington Building Society Chief Executive, said of the Chancellor’s Autumn Statement:
“Darlington Building Society welcomes today’s Autumn Statement. Whilst we await further detail and review what these changes will mean in practice, we’d like to reinforce our unwavering support for all our members, colleagues and the local community.
“It was disappointing to not see any real support for homeowners and in particular first-time buyers; with no extension of the now-defunct Help to Buy scheme or stamp duty changes. Similarly, we were hoping to see an increase in the personal savings allowance and movement on workplace savings, neither of which featured.
“However, it was positive to see support for those on the lowest incomes and those in the private rental sector. It was also encouraging to see the government address the housing crisis by speeding up planning permission to bridge the supply shortfall.
“Although today’s proposals will help some, we are still in a cost-of-living crisis and every penny counts. Therefore, it would have been helpful for Lifetime ISA (LISA) savers to be granted access their funds with a lesser or no penalty, and for an increase in the value of homes that can be purchased through the HTB and LISA schemes.
“We encourage all savers to book a savings review, to make their money work as hard as possible in the best type of account for their specific needs. Members can book in a free savings review on our website or in branch.
“If homeowners are struggling to meet mortgage repayments, we urge them to contact their lender as early as possible, to provide the most options and support going forward.”
The Autumn Statement announced that from April 2024, savers can open multiple ISAs of the same type in the same tax year.
For example: If you have a Fixed Rate ISA and you see a better rate Fixed Rate ISA – with your current or a different provider – you will be able to open another account. The ISA allowance remains unchanged at £20,000 tax free per tax year, so you can spread your savings around to earn the most interest.