Chancellor’s income support plans welcomed
23 Mar 2020 03:36 PM
Landlords are welcoming the Chancellor’s package of measures to support workers’ incomes during the coronavirus outbreak.
The RLA and the NLA said the decision to ensure the Local Housing Allowance is guaranteed to cover at least 30 per cent of market rents in a claimant’s area is a vital measure to support tenants and landlords.
Combined with grants to cover up to 80 per cent of wages where workers are retained but are unable to work, the package will go a long way to sustain tenancies.
In a joint statement, the RLA and the NLA recently said:
“We warmly welcome today’s announcement by the Chancellor.
“It will give tenants and landlords much greater confidence that rents can be paid through the ongoing crisis which is clearly preferable to deferring rents through rent payment holidays.
“We will continue to work constructively with the government to ensure everything possible is done to support tenants and landlords through these difficult times.”
The Chancellor’s support package includes:
- Government grants worth up to 80% of wages for businesses to keep workers in jobs. The Coronavirus Job Retention Scheme will pay up to £2,500 per worker each month
- Deferring of VAT payments for the next quarter, so no business will pay any VAT in March, April or May
- Increase of Universal Credit standard allowance and working tax credit basic element of by £1000 for a year
- Changes to the Coronavirus Business Interruption Loan Scheme, launched at Budget, which will now be interest free for 12 months
The RLA has also put together a coronavirus guide for landlords including all the latest advice on protecting your tenants and running your lettings in these challenging times.
RLA CEO, Ben Beadle is receiving daily briefings direct from MHCLG on the situation and the association will keep you updated on news affecting you, your tenants and your business via our websites and social media channels @RLA_News