The Chancellor of the Exchequer, Rishi Sunak, alongside Boris Johnson, has announced an unprecedented package to support families and businesses
With the coronavirus pandemic shutting down normal day-to-day life for a huge number of Britons, the government has introduced measures to keep families secure in their homes and the economy intact.
“Our planned economic response will be one of the most comprehensive in the world; you will not face this alone.”
Those were the words on Friday evening from Rishi Sunak, Chancellor of the Exchequer. He spoke at length about the plans set to come in place to help protect the workforce – and economy – when it’s needed most.
“I have a responsibility to make sure that, for the first time in our history, the government is going to step in and help pay peoples wages. We’re setting up a new coronavirus job retention scheme,” explained Sunak.
This means that the government is promising to cover 80% of the salary of retained workers – up to a value of £2,500. And any employer will be eligible for the scheme.
The scheme itself will cover the cost of wages – backdated to 1st March – and will be open for an initial three month period, although Sunak has vowed to extend the scheme if necessary.
For homeowners, the government announced a three-month mortgage holiday for those in financial hardship during this time. Customers will need to apply for the scheme through their mortgage provider, and although acceptance isn’t guaranteed, all applications will be fast-tracked.
During the three months, under FCA rules, accounts will still accrue interest, which will be recovered later, however, the capital sum of the mortgage will remain unchanged. Homeowner’s credit ratings won’t be affected.
Initially, only available for owner-occupiers, lenders have now extended the three-month holiday to include buy-to-let mortgages.
On the 18th of March, the government announced that landlords cannot apply to the court to evict tenants for at least three months. If you are worried about rent arrears, at the first instance it is recommended to talk to your agent and landlord first to agree to a rent reduction or to accept late rent.
Rent will still be due as normal, so if you can still afford to pay your rent, they recommend you do so as not to end up with a large bill at the end of this period. Landlords may allow you to delay payments or pay a reduced rate; however, they are not obliged to do so.
If you have lost your job, or are suffering a reduction in your earnings, you will need to apply for any benefits you may be entitled to. Your benefits should increase with a change in your earnings, and this will include housing benefit.
There are calls for more to be done to help renters, including the possibility of a ‘rent holiday,’ similar to the mortgage holiday. Charities and unions have also called for increases to benefits payments including SSP to help people cope with bills.
For up-to-date information about your finances during this period, please follow this link – https://www.gov.uk/government/publications/support-for-those-affected-by-covid-19/support-for-those-affected-by-covid-19
Connect with us
View by date
May is a wonderful month for your garden, and with our handy guide we have laid it all out for you… Spring is fully underway. There should be no more frosts and the temperature is steadily getting warmer, which is bliss for your garden. With more sunshine, your plants should get stronger and healthier …Read more...
How to get your offer accepted when you find the perfect property in a busy seller’s market The property market is booming. There are a lot more buyers than sellers, which has pushed the price up, alongside the competition, when it comes to purchasing your dream home. But there are steps you can take …Read more...
Now’s the time to think about your home’s decor They say a change is as good as a rest. And although there will be no respite when it comes to actually getting down to do it, there can be no doubt that, once finished, a home makeover is good for the soul. The dilemma …Read more...
On Friday, the government announced which countries are on which list for travel this summer From 17 May, people in England will be allowed to take holidays abroad in a small number of countries. On Friday, Grant Shapps announced which countries are in which category for travel starting next Monday. The countries have been …Read more...
Celebrate World Bee Day later this month, with this wonderfully sticky honey recipe Honey-roast confit of duck Serve your carrots with this wonderful French classic with meltingly tender meat with crispy skin. Ingredients 3 thyme sprigs , leaves roughly chopped 2-3 rosemary sprigs, leaves roughly chopped 2 fat garlic cloves , lightly bashed ½ tsp black peppercorns 4 duck leg (about …Read more...