Yorkshire Building Society has urged the new Labour Government to support first-time buyers, savers, and the mutual sector.
The society said, for example, that there should be an aim to boost skilled jobs outside London and proposed that all primary school children in England should have lessons on managing money.
The mutual contacted MPs and sharing its five ‘Opportunities for Government’ during its regular meetings and events with politicians.
Susan Allen, chief executive of Yorkshire Building Society, highlighted the challenges customers face, including housing affordability, higher mortgage rates, and cost of living pressures.
She said: “Our customers continue to face challenges such as the affordability of housing, higher mortgage rates and cost of living pressures.
“As a mutual, we are owned by our members and are committed to supporting them and helping them achieve important life goals.
“Supporting home ownership is at the heart of who we are as a building society.
“I welcome the government’s commitment to house building, but they must ensure the homes of the future are sustainable and help first-time buyers onto the housing ladder.
“Our research shows that, if the government makes improvements in the areas we’ve highlighted, it will make a real difference to people’s lives.
“Building a habit of saving regularly and owning a home can significantly improve people’s financial and mental wellbeing.”
The society’s five ‘Opportunities for Government’ are as follows:
Help first-time buyers and build new, green homes.
The Government must introduce policies that support the provision of new, sustainable homes, assist people in making their homes sustainable, and help first-time buyers enter the housing market.
Second, increase the Personal Savings Allowance.
The current allowance, unchanged since 2016 when the Bank of England rate was at 0.50%, should be increased from £1,000 to £5,000.
Third, provide financial education for all primary school children in England.
The Government should make financial education mandatory in the curriculum for all primary school children in England.
Fourth, build a pipeline for high-quality skilled jobs outside London.
The Government must collaborate with the financial and professional services sector, regional combined authorities, and educational organisations to address the sector’s skills challenges.
Fifth, help mutuals and co-operatives grow.
To support a thriving mutual and co-operative sector, the Government should establish a level playing field for mutual organisations and create a Minister for the Mutual Sector.
