Today (Wednesday 30th October 2024), the Chancellor of the Exchequer delivered the Autumn Budget, outlining Labour’s economic direction following the General Election in July. Having reviewed the Chancellor’s announcements, this is a statement from North Star’s Chief Executive, James Walder: 

“We welcome the government’s commitment on funding for the building of new, affordable homes, including increasing the Affordable Homes Programme by £500m. This investment is critical as we work towards addressing the housing crisis, and it directly supports our own ambitions. The extension of funding will help us achieve our Leading and Growing goals, enabling us to contribute further to our communities by building high-quality, affordable homes across the region.

The Chancellor has confirmed a social housing rent settlement of CPI plus 1% for the next 5 years which will provide valuable long-term security to the housing sector. With this stability, we are well-positioned to continue investing in our existing properties, delivering a high standard of services for customers, and building much-needed new homes. 

We remain very mindful of the ongoing cost of living crisis. We are committed to maintaining our Hardship Fund, which allows our Housing Officers to offer support to tenants facing acute hardship, and will continue to ensure that our Welfare Benefits team is available to help tenants navigate changes to the benefits system and access any financial help they are entitled to.

North Star has long been a proud Living Wage Employer so we welcome the Chancellor’s announcement to raise the minimum wage by 6.7%.

We are active members of the Housing Employment Network North East (HENNE), a partnership between housing associations that aims to support residents in social housing into employment. Through skills-building initiatives and connections with local employers, we are helping to create pathways to stable, good-quality jobs. This aligns with our broader social value agenda, contributing to stronger, more resilient communities. We encourage all North Star tenants to take full advantage of this partnership and you can find out more by getting in touch with us.

North Star will continue to monitor the implementation of the measures announced in today’s Autumn Budget, ensuring that we adapt to new opportunities and challenges in a way that benefits our customers and communities and aligns with our mission of building homes, improving lives, and fostering resilient neighbourhoods.”