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17 March 2020, 17:46 | Updated: 17 March 2020, 18:04
UK residents 'struggling' during the COVID-19 outbreak will get a three-month mortgage holiday.
The UK government has now announced homeowners will be given a three-month 'mortgage holiday' amid the coronavirus crisis.
Chancellor of the Exchequer Rishi Sunak announced the news during today's coronavirus briefing.
He confirmed that the government had spoken with mortgage lenders and said those struggling as a result of COVID-19 pandemic would not have to pay their mortgages for 12 weeks.
Mr Sunak said ‘people won’t have to pay a penny to mortgage costs while they get back on their feet’, adding that more measures would be announced later this week.
He continued: “In the coming days I will go much further to support people’s financial security.
“In particular, I will work with trade unions and business groups to urgently develop new forms of employment support to help protect people’s jobs and incomes through this period.
“We have never faced an economic fight like this one but we are prepared, we will get through this and we will do whatever it takes."
The chancellor also announced other economic policies, including £330billion of loans and guarantees for businesses and a cash grant of up to £25,000 for businesses with a rateable value of less than £51,000.
He also vowed to extend the new business interruption loan scheme of up to £5 million with no interest for the first six months.
These measures will come into practise at the start of next week.
Prime Minister Boris Johnson reiterated the message that the government will support those most in need, saying: "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 added: “We must act like any war-time government and do whatever it takes to support our economy”
Boris also went on to speak about the growing problem with lack of food supplies.
When asked about low stock in supermarkets, he said: "We're absolutely confident that our supply chains are working and we have a farm to fork process for this country that means people don't need to stockpile."