New chancellor ‘needs to help the hard-pressed’

Following the announcement that Mr Darling is to take over the position of chancellor from the new prime minister Gordon Brown, the Nationwide Building Society has said he needs to signal his intention to help financially-stretched Britons.

And with millions of consumers around the country facing debt management difficulties, the building society insists that the stamp duty thresholds should be brought in to line with the continually rising property prices.

Graham Beale, chief executive at Nationwide, said: “Alistair Darling will now have the opportunity to put through real reform that could help hard-pressed homebuyers and savers alike.

“He could give a clear signal to hard-working families that he is committed to really improving their finances.”

A report from the Consumer Credit Counselling Service earlier this year suggested homeowners in the UK will be “on the rack” financially throughout 2007.