“The social care crisis hits women hardest. Not only are the majority of paid and unpaid carers women, but the majority of those with care needs are women too. While Hammond focused on older people blocking beds in the NHS, we know that there are around 1.86 million people over the age of 50 with unmet care needs, the majority of whom are women.
“Tackling this requires more funding than was announced today and a new approach. We look forward to Government’s Green Paper later in the year for further details on its proposed strategic approach for addressing this crisis.”
According to WBG the announcement of “the additional £20 million for domestic violence services for the next two years, while welcome, is insufficient compared to the scale of the problem. Sexual violence services are excluded from this additional funding, even though we know that these services are severely stretched. It costs £70m annually to run Rape Crisis England and Wales and they currently have a £10m budget shortfall, yet will not see any of this additional money.
“The Chancellor also announced £5m for women returning to work and £5m for celebrations to mark the centenary in 2018 of women gaining the vote. This will make no difference to the daily lives of ordinary women that have lost the most, and gained the least, from changes to taxes and benefits. We know that women in the poorest 20% of households by 2020/21 will be losing £1,600 a year on average as a result of changes to taxes and benefits since 2010.
On the National Insurance rise for self-employment WBG said: “The Chancellor’s announcement on the treatment of employees and the self-employed is welcome. In particular we welcome the move to equalise parental rights for the self-employed. However, by focusing on the contributions paid by the self-employed, these measures do little to disincentivise employers from pushing individuals into bogus self-employment. We urge the Chancellor and government to look at this as a matter of urgency as it particularly affects women, who are also then denied access to the protections of employees.
And on the failure to carry out a robust Equality Impact analysis: “The Chancellor and Treasury have again failed to undertake a robust equality impact assessment of the Budget, despite their obligations under the Equality Act and calls for the Women and Equalities Select Committee to improve its reporting of equality impact. Without such an assessment, the government cannot fully understand the impact of its decisions on different groups, including impact, or how to minimise unintended negative impacts.
The Women’s Budget Group has published an independent distributional impact assessment by income, gender, and ethnicity in collaboration with Runnymede as well as a report on the gender impact assessment of the Spring Budget 2017.
This habitual change, brought about by the integration of savings features in financial products, has been hailed by the Archbishop of Canterbury as “having a transformative effect on the financial lives” of SAYB users. The new Save As You Borrow – Credit Unions Creating Good Habits report, was launched at a session of the All-Party Parliamentary Group on credit unions.
Illustrating the scale of the positive impact of SAYB schemes, the report found that only 26% of respondents were saving regularly before taking out an SAYB loan. Through the positive effect of SAYB encouraged saving, 71% of users said they would continue to save regularly throughout the year after paying back the loan. An overwhelming majority of 97% of respondents confirmed that they found the approach from credit unions helpful in encouraging them to save.
When respondents were asked about how they thought their SAYB product was helping them, almost a third replied that they would find it difficult to save if it wasn’t done for them through their loan. One in five also replied that they realised the need to set funds aside for a “rainy day”. Only 15 out of 1,055 respondents said that they thought saving while repaying the loan was unhelpful.
Credit union loans are among the most competitive in the market for amounts up to £3,000. Although customers might think that it takes a little longer and there is an incremental increase in the interest costs of SAYB loans, the additional cost brought about by the savings features will in most cases prove to be very small. On top of this, 79% of people said that this approach was worth it in the long run. 17% of these spontaneously said that it paid off, quite literally, in terms of having a lump sum at the end of the loan and 12% said that it helped change their approach to saving in the future.
In addition to the SAYB impact, the report analysed the effectiveness of further product features that are deemed positive for the financial well-being of their customers and found that many of these prove highly effective as well, such as the support that is given to borrow the right amount: 81% of respondents said that they had reviewed their income and expenditure in order to work out how much they could afford.
