Lockdown 3.0

The 1-minute read to get the money news you need.

Staying at home, again

New lockdowns have begun in England and Scotland, putting the whole of the UK under “stay at home” orders. That includes closing all the schools. In England, the new rules are expected to be in place until at least mid-February.

Sunak steps up

There’s extra financial support coming for businesses. Chancellor Rishi has announced an extra £4 billion in grants for retail, hospitality, and leisure businesses to help them survive the latest lockdown which has forced them to close their doors.

Mortgage surge

Lenders approved more than 100,00 mortgages in November, the highest in 13 years. Many banks are still working through a backlog of mortgage applications, as buyers rush to make use of the stamp duty holiday before the window closes on 31st March.

Cladding crisis

Up to 4.6 million homes in the UK could be unsellable due to dangerous cladding* - that’s 16% of all homes. In the aftermath of the Grenfell Tower fire in 2017, safety issues have been uncovered at thousands of high- and mid-rise blocks. Mortgage lenders won’t approve loans for affected properties, leaving leaseholders trapped and unable to move.

Save our summer?

Festivals and concerts could go ahead this summer, as long as they have government support. That’s according to UK Music, which says it can get everyone dancing safely again. It wants to see coronavirus cancellation insurance introduced, along with a firm start date for the festival season.

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