L&Q's response to today's Budget Statement

Fiona Fletcher-Smith, L&Q Group Chief Executive, said:“The housing sector will play a vital role in rebuilding and levelling-up Britain’s economy after the pandemic, and we are delighted to see the Government acknowledge this in today’s Budget.

“L&Q provides housing of all tenures for people on a range of incomes. As a charitable organisation our priority will always be social rented housing, but we fully appreciate that many people aspire to home ownership. Today’s announcements about the mortgage guarantee scheme and extending the stamp duty ‘holiday’ are very welcome.

“We are also very pleased that the Chancellor has extended the furlough scheme and the uplift to Universal Credit. Coupled with additional investment in apprenticeships and traineeships, this will be a timely boost for many of our residents who have struggled during the pandemic.”

She added: “Not-for-profit housing associations like L&Q reinvest all of our surpluses to improve existing homes, create jobs, and support growth through investment in new housing, sustainable communities, infrastructure, and climate action.

“The biggest challenge facing our sector is the building safety crisis. The £5bn funding previously announced for the remediation of dangerous cladding is important, but this crisis is about more than just removing cladding.

“L&Q has committed £250 million to building safety works and launched one of the UK’s largest building safety inspection programmes, but as a registered charity we cannot shoulder the full costs of remediation, particularly for buildings we did not build. We would welcome further government support to protect leaseholders and housing associations.”