Homeowners in the UK will be given a three-month ‘mortgage holiday’, the government announced.
The Chancellor of the Exchequer Rishi Sunak announced the economic measures during coronavirus briefing and confirmed that the government had spoken with mortgage lenders.
Those who were struggling because of coronavirus pandemic wouldn’t have to pay mortgages for three months.
Mr. Sunak added that more measures would be announced soon.
“This government will give you all the tools you need to get through this,” he said. “In the coming days I will go much further to support people’s financial security.”
In addition to the three-month mortgage holiday, Mr. Sunak also announced a number of economic policies, including a cash grant of up to £25,000 for companies with a ratable value of less than £51,000, £330bn of loan guarantees for companies affected by the pandemic, and increasing interest-free business interruption loans to £5m.
He also addressed calls to safeguard restaurants, clubs, and bars forced to close and announced a 12-month business rates holiday for all restaurants, music venues, shops, bars, and theaters.
Prime Minister Boris Johnson also said that the government was working hard to support people most in need.
“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,” he said.
This comes after the PM urged those who have one of the two main symptoms of coronavirus – a fever and a persistent cough – to stay inside the house for 14 days.
Mr. Johnson also said that if one person in a household develops symptoms, all members should stay inside their house.
What are your thoughts on this? Let us know in the comments section and SHARE this story with your friends and family!
Replaced!