Comprehensive Spending Review

The Chancellor George Osborne announced the long awaited results of the Comprehensive Spending Review (CSR) on 20 October 2010.

Housing Associations are independent of Government, so the impact of the CSR will not be as great for us as for those in the Public Sector.

That said, there has been a significant cut of around 60% in future grant funding, although existing commitments will be honoured and there will also now be a more flexible approach around rents, to fund direct investment into new homes.

Prior to the CSR, we had already looked at how cuts might affect our sector, us and our residents. As further details of the CSR emerge, we will continue this work and will consider how we should respond. This will take the form of a full strategic review process, where we will look our priorities for the future, in light of changes in the outside world.

This is a very difficult time for the economy as a whole and there will be significant challenges ahead for the housing sector. However, we are a very strong organisation, and although the cuts will affect us and our residents, we remain committed to providing high quality homes and services for people who need them.