Nationwide offers mixed report on Pre-Budget

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Nationwide offers mixed report on Pre-Budget

Tue 9th Oct 2007

Nationwide has welcomed the latest spending plans announced in the chancellor's Pre-Budget Report, while expressing disquiet at what it believed were some key omissions.

The lender said it was pleased at the increase in funding assigned to social housing, saying it backed the "commitment to affordability and housing".

However, in a statement issued following Alistair Darling's address to a packed House of Commons, Nationwide said it was less enamoured with the decision not to reform stamp duty for first-time buyers.

Saying it was essential that reform be undertaken in the area to improve affordability, Nationwide is pressing for further action from the government.

Elsewhere the lender said it agreed with Mr Darling's comments on the certainty a fixed rate mortgage could bring homeowners in light of the recent upwards trajectory of the base rate.

Interest rates currently stand at 5.75 per cent after being left on hold in the latest decision from the monetary policy committee.

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