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Employees to be offered mortgage holidays

Employees who face financial hardship as a result of COVID-19 will be offered a three-month holiday from paying their mortgages, chancellor Rishi Sunak has pledged.

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As part of the government’s daily updates on the pandemic, yesterday (March 17) Sunak reiterated improvements announced in the budget to statutory sick pay, along with employment and support allowance.

 

He also pledged £330bn of government-backed loan and guarantees, in an additional coronavirus support package, to help support businesses.

 

Under the updated plans, all pubs, restaurants and shops in the hospitality and retail industries will pay no business rates for 12 months.

 

Cash grants of up to £25,000 for small businesses will also be made available to businesses with a rateable value of less than £51,000.

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