Yesterday, 12 March, Stephen spoke in the fourth day of debate following the Chancellor’s Spring Budget. He urged the Chancellor to make the Household Support Fund permanent, while welcoming the Chancellor’s caution over pension reforms.
The Chancellor of the Exchequer, Jeremy Hunt, delivered his Spring Budget on Wednesday 6 March. Following the budget, there are several days of debate, giving MPs the opportunity to scrutinise the changes made by the Chancellor. Stephen spoke yesterday, on the fourth day of the debate.
In his speech, Stephen welcomed the Chancellor’s decision to extend the Household Support Fund for six months, to September 2024. The Fund has provided over £2 billion to local authorities to support households during the cost of living crisis. In London, Councils have used the fund to provide school holiday food support to over 472,000 children and emergency food support to 218,000 households.
However, Stephen urged the Chancellor to extend the Household Support Fund beyond September. “If the fund does end in September,” Stephen said, “a significant number of local councils will end local welfare assistance altogether in their area.”
“If the Government supports local provision, it needs to fund it as well,” Stephen added.
Stephen also reflected on the Government’s proposed “lifetime provider model” of private pensions. He welcomed the Chancellor’s caution, noting that the model - which would allow employees to direct their and their employer’s pension contributions to a scheme of their choice - would be a significant departure from the auto-enrolment system introduced in 2012.