In the next weeks, the prime minister will pledge measures that will reduce the expenses of food, energy, childcare, transportation, and housing. He will also focus on reversing the decrease in homeownership.
During a speech in which he promises hard-pressed British households that “things will get better,” Boris Johnson will reveal new measures to help individuals get on the property ladder.
It is expected that the address will contain confirmation of plans to give renters of housing association properties the right to purchase their houses, as well as the potential of allowing low-income workers to use housing assistance to purchase.
Before his speech, Downing Street stated that Mr. Johnson will “affirm his goal to expand access to homeownership for more individuals.”
This would be accomplished by “helping those in a position to buy access the mortgage financing they require, ensuring that people are incentivized to save for a deposit regardless of their financial circumstances, and increasing the supply of homes across the country,” according to the report.
The Times reports that the prime minister would argue that the £30 billion in housing aid currently spent on rent might be used to help individuals secure and pay for mortgages.
Mr. Johnson is attempting to regain his authority after 41% of his MPs revolted in a vote of confidence following weeks of revelations about Downing Street parties.
The prime minister wishes to put an end to the uprising and demonstrate that he is concentrating on major concerns like the cost of living crisis while stating a bigger objective to lower taxes and reverse the decrease in homeownership rates.
The government says that “too many people are paying astronomical sums on the private renting market when they could be investing in their futures by making mortgage payments on their property.”
Michael Gove, secretary of leveling up, housing, and communities, argued that voters were punishing the government on this subject after the Conservatives’ dismal showing in previous local elections.
Previously, at the 2015 and 2019 general elections, the Conservatives proposed comparable initiatives.
The address occurs at a time when inflation has reached a four-decade high, due in part to the Ukraine conflict and its ripple effects on the energy and commodity markets.
Moreover, the economy is expected to stagnate, with the OECD predicting on Wednesday that the United Kingdom will experience the poorest growth among wealthy nations in 2019.
Mr. Johnson will state, “We have the resources necessary to combat rising prices.
“Global headwinds are robust. But our engines are stronger.
“Even while it won’t be quick or simple, you can rest assured that things will improve and that we will emerge from this a strong nation with a flourishing economy.
In the coming weeks, the government will enact changes to assist individuals in cutting costs across all categories of household expenditures, including food, energy, child care, transportation, and housing.
Mr. Johnson will pledge that the government will “continue to use our budgetary firepower to assist the nation during difficult times.”
This guarantee will be made only a few weeks after the chancellor unveiled a £15bn new package of cost of living support, bringing the total amount of cash to £37bn to ease the pressure on households this year.
“At the same time, we will use this opportunity to expedite the government’s reforming effort and reduce the costs imposed on businesses and citizens across the nation,” the prime minister would add.
