BSA: Autumn Statement - BSA comments on stamp duty and NS&I

Tuesday, 29 November 2011 4:37 PM

Commenting on today's Autumn Statement, Adrian Coles, Building Societies Association Director-General, said:

Stamp Duty

“It is disappointing that the Government has decided not to extend the stamp duty holiday for first time buyers on properties under £250,000. Today’s announcement provides an additional barrier that first time buyers need to overcome and despite the recent, welcome, housing strategy announcements, it feels as though the Government is giving with one hand, whilst taking away with another.”

NS&I

“It is very disappointing that NS&I is set to exceed its funding target by £1 billion in 2011-12. Being just over half way through its financial year, we believe there is still time for NS&I to get closer to that target.

“NS&I enjoys unique privileges over building societies and banks, by which it can distort the savings market. This has a negative knock-on for the housing market, by making it harder for private sector institutions to raise funds to lend to borrowers - lending being something the Government is encouraging through its housing strategy.”

Contact - Rachel Wylie 020 7520 5905 / Hilary McVitty 020 7520 5926

Notes

1. The BSA’s submission to the Autumn Statement can be viewed here http://www.bsa.org.uk/mediacentre/press/autumn_statement.htm

2. The Building Societies Association (BSA) represents mutual lenders and deposit takers in the UK including all 47 UK building societies. Mutual lenders and deposit takers have total assets of over £375 billion and, together with their subsidiaries, hold residential mortgages of over £235 billion, 19% of the total outstanding in the UK. They hold more than £250 billion of retail deposits, accounting for 22% of all such deposits in the UK. Mutual deposit takers account for 34% of cash ISA balances. They employ approximately 50,000 full and part-time staff and operate through approximately 2,000 branches.

3. Photographs of Adrian Coles are available from the BSA press office, or from the Association’s website at www.bsa.org.uk or Headlinemoney www.headlinemoney.co.uk

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Rachel Wylie (née Le Brocq)
Press and Public Affairs Manager
The Building Societies Association
6th Floor, York House
23 Kingsway, London
WC2B 6UJ

Tel: 020 7520 5905
Mobile: 07773489644
Fax: 020 7240 5290
www.bsa.org.uk
Twitter - @BSABuildingSocs

Tags:
• autumn statement
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• banks
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• economy
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• first time buyers
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• george osborne
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• housing