CIH responds to the mini-budget

This morning, Chancellor of the Exchequer Kwasi Kwarteng delivered a mini-budget to the House of Commons aimed at driving growth and reducing taxes. As part of a series of measures outlined in the Growth Plan, Mr Kwarteng has: 

• Cancelled the rise in corporation tax
• Cut the basic rate of income tax to 19 per cent from April 2023 – one year earlier than planned
• Cut Stamp Duty costs.

Responding to the announcement by the Chancellor, CIH chief executive, Gavin Smart said:

"We’re disappointed that today’s mini-budget has not provided the targeted support many of us were calling for to help those on the lowest incomes.

"With rising inflation, which impacts those on the lowest incomes the most, the energy price guarantee on its own was never going to be enough to get people through this winter. As we set out in our recent letter to the Prime Minister, we needed to see additional support for vulnerable households, targeted through the benefits system.

"DLUHC has just this week published its latest statistics on statutory homelessness, which alongside reports from the APPG and Kerslake Commission on Homelessness and Rough Sleeping, show a rise in homelessness.

"This mini-budget won’t help address this, and many of those on the lowest incomes will still be looking at their monthly budgets and seeing that the figures do not add up. We recognise that government is trying to drive economic growth but families on low incomes can’t wait for the promised benefits of economic growth to trickle down to them.

"This fiscal event has not delivered for the estimated seven million households now left facing fuel poverty and those on low incomes. We will continue to call on the government to provide the support that people need."

We have put together a what you need to know guide for members with more detail on the housing elements in the Growth Plan.