All eyes turned to Rishi Sunak last week as he revealed this year’s budget in which he detailed his spending plans for the next few years.
Having just come out of the other side of a global pandemic and subsequent recession, many were expecting the chancellor to announce ambitious spending plans to correct the aftermath and damage it caused.
There was a wide expectation that the chancellor would announce big spending that would benefit homeowners and businesses, however, there was uncertainty as to whether he’d announce anything that would help renters and those in the private rented sector.
The rate at which the private rental market has been exploding has meant that many are struggling to keep up with the pace of rent rises, as well as the extra demand that’s meaning that rental properties are being taken off the market sometimes on the same day.
With the economic uncertainty that’s also been created by the pandemic, renters and workers were hoping for a budget that offered them some relief after a tough few years. So, did they get it?
The chief executive of the National Residential Landlords Association, Ben Beadle, was quoted as saying that the government hadn’t done enough to help struggling renters who may have had issues during the pandemic.
Beadle said, “The announcement is welcome news for those private tenants who have struggled to afford their rents throughout the pandemic, despite private rents falling in real terms.
“However, it does not undo the damage that previous decisions to freeze housing benefit rates in cash terms will cause.”
There was other good news for renters, however, with the announcement that fuel duty will be frozen for another year, as well as well as the National Living Wage rising by 6.6% to £9.50 per hour.
Finally, there was £24 billion set aside to build more houses which will alleviate pressure from demand rising so quickly.
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