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Budget: Affordability of bills and loans tackled

Significant future reforms to the housing and energy sectors have been announced by chancellor of the exchequer.

The changes are likely to impact on both home loans and utilities bills - two of the biggest monthly costs faced by householders.

Announcing his first Budget in parliament yesterday, Alistair Darling said that he would earmark £8 billion of government funding to boost "affordable" housing.

Under government plans around 70,000 of these properties are to be built every year in order to house key workers such as nurses and teachers, Reuters reports.

The chancellor added that he would work with loans providers to allow more people access to home loans - with the provision cheap fixed rates increased.

He also said that utilities firms should boost the funding they give to five million of the poorest gas and electricity customers, who rely on prepayment meters to pay for their fuel.

In particular, the firms should spend £150 million per year on "social tariffs" for this purpose - way up on the current figure of £50 million.

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