The “Opportunities for Government” include helping first-time buyers by building new, green homes, upping the personal savings allowance, financial education for all primary school children in England, building a pipeline of high-quality skilled jobs outside London and helping mutuals and co-operatives grow.

The lender said that these have been communicated to MPs, and they are being shared in its regular meetings and events with politicians.

On the first-time buyer front, Yorkshire Building Society said that the UK housing market is “broken” and the supply of homes for purchase and rent is not meeting the population’s need.

The lender urged the government to “introduce policies that provide a place to call home: support the provision of new, sustainable homes, help people to make their homes sustainable and help first-time buyers onto the housing ladder”.

Yorkshire Building Society said that personal savings allowance limits were “no longer protecting ordinary savers’ interests”, and this has not been reviewed since 2016. It called on this to be increased from £1,000 to £5,000.

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The mutual also urged financial education to be offered at primary school so children have good financial management skills and develop healthy financial habits.

The firm also urged the government to work with the financial and professional services sector, regional combined authorities and education organisations to “collectively address the skills challenges the sector faces”.

 

Govt ‘must build a level playing field for mutual organisations’

Yorkshire Building Society added that the government must support a “thriving mutual and co-operative sector” and “must build a level playing field for mutual organisations” and create a role for a minister for the mutual sector.

Susan Allen (pictured), chief executive of Yorkshire Building Society, said: “Our customers continue to face challenges such as the affordability of housing, higher mortgage rates and cost-of-living pressures.

“As a mutual, we are owned by our members and are committed to supporting them and helping them achieve important life goals.

“Supporting homeownership is at the heart of who we are as a building society. I welcome the government’s commitment to housebuilding, but they must ensure the homes of the future are sustainable and help first-time buyers onto the housing ladder.

“Our research shows that, if the government makes improvements in the areas we’ve highlighted, it will make a real difference to people’s lives. Building a habit of saving regularly and owning a home can significantly improve people’s financial and mental wellbeing .”