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UK Government Announces Three-Month 'Mortgage Holiday'

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UK Government Announces Three-Month 'Mortgage Holiday'

The UK government has announced homeowners will be given a three-month 'mortgage holiday'.

The economic measures were announced by the Chancellor of the Exchequer Rishi Sunak during today's coronavirus briefing.

He confirmed that the government had spoken with mortgage lenders and assured those who were struggling as a result of the ongoing pandemic would not have to pay their mortgages for three months.

Mr Sunak told the assembled media that more measures would be announced.

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Pledging to do 'whatever it takes' during 'a time to be bold, a time for courage', he said: "This government will give you all the tools you need to get through this."

Chancellor Rishi Sunak. Credit: PA
Chancellor Rishi Sunak. Credit: PA

Adding: "In the coming days I will go much further to support people's financial security."

This comes after the Chancellor announced during the Budget last week that £1bn ($1.2bn) of support was being pledged to vulnerable people via the welfare system and local councils' hardship funds.

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As well as the mortgage holiday, Mr Sunak announced a raft of economic policies, including £330bn ($339bn) of loan guarantees for businesses affected by the outbreak, a cash grant of up to £25,000 ($30,000) for businesses with a rateable value of less than £51,000 ($62,000), as well as increasing interest-free business interruption loans for businesses to £5m ($6m).

The Chancellor also addressed calls to safeguard pubs, clubs, and restaurants forced to close for the foreseeable future, announcing a 12-month business rates holiday for all pubs, theatres, music venues, shops and restaurants.

The government unveiled £330bn of loan guarantees for businesses. Credit: PA
The government unveiled £330bn of loan guarantees for businesses. Credit: PA

Backing the revised fiscal package, Prime Minister Boris Johnson assured the public that the government was working hard to support those most in need.

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He said: "The state is asking people to make considerable changes to their lives - only right that the state should stand behind people as they make those changes.

"That is what we are going to do."

Today's announcements come after Mr Johnson urged all people who have one of the two main first symptoms of the infection - a new persistent cough and a fever - to stay at home for 14 days.

In the statement, the first of his now daily coronavirus updates, Mr Johnson said that if one person in a household shows the symptoms, all of the household should stay at home.

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And earlier today, the government advised Brits not to travel anywhere outside the UK for at least the next 30 days in the latest attempt to stop the spread of coronavirus.

Featured Image Credit: PA

Topics: uk news

Dominic Smithers
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