A quick guide to the government’s response to assisting with finances during the coronavirus pandemic
- A three month mortgage payment holiday for those in financial difficulty due to the pandemic.
- The government will pay 80% of the wages of an employee not working due to the impact of the coronavirus on their employer – capped to £2,500 per month.
- The Bank of England Base Rate has fallen from 0.75% on 11th March to 0.1%
- Those privately renting can not be evicted if they fall behind with rent as a result of the pandemic
- Banks, building societies and credit card provides are working with clients to provide support to customers in financial distress
- The government is also working to provide a package of measures to help support businesses
- Whilst the government hasn’t issued measures aimed to help the self employed, those measures are expected later this week.
- With gas and electricity, the government have told energy companies to ensure that supply is still provided to those who have pre-paid, or pay as you go customers.
- If you are employed and you are forced off work, you will be entitled to your normal sick pay as agreed with your employer. If you are entitled to statutory sick pay, you will get it from the first day of your sickness. If you are self employed or on a zero hours contract, you may still be able to claim benefits.
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