{"id":72493,"date":"2021-03-03T07:52:41","date_gmt":"2021-03-03T07:52:41","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72493"},"modified":"2021-03-03T07:52:42","modified_gmt":"2021-03-03T07:52:42","slug":"uk-economy-to-face-enormous-strains","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/uk-economy-to-face-enormous-strains\/","title":{"rendered":"UK economy to face ‘enormous strains’ following lockdown"},"content":{"rendered":"\n
Rishi Sunak is expected to include a host of actions to kickstart the UK economy in Wednesday’s Budget.<\/p>\n\n\n\n
Chancellor Rishi Sunak has warned that Britain’s public finances will face “enormous strains” in the wake of the latest national lockdown.<\/p>\n\n\n\n
Ahead of Wednesday’s Budget announcement, Mr Sunak told the Financial Times a bill for the government’s \u00a3280bn investment in coronavirus support will eventually have to be paid, with low interest rates leaving the nation’s finances “exposed”<\/p>\n\n\n\n
Mr Sunak said: “We now have far more debt than we used to and because interest rates\u2026 at least a month or two ago were exceptionally low, that means we remain exposed to changes in those rates.<\/p>\n\n\n\n
“That’s why I talk about levelling with people about the public finances [challenges] and our plans to address them.”<\/p>\n\n\n\n
To find out more about how we can assist you with your Second Charge Mortgage please click here<\/a><\/em><\/p>\n\n\n\n While Mr Sunak did not reveal any details on specific tax measures, the Budget is expected to include a swathe of actions aimed at kickstarting the UK economy as lockdown eases over the coming months.<\/p>\n\n\n\n These include a \u00a3126m boost for traineeships and a mortgage guarantee scheme aimed at helping aspiring homeowners with small deposits on to the property ladder.<\/p>\n\n\n\n He plans to incentivise lenders to provide mortgages to first-time buyers, and current homeowners, with just 5% deposits to buy properties worth up to \u00a3600,000.<\/p>\n\n\n\n Mr Sunak added that while there is a challenge facing the nation’s economy, he believes the Budget will be a much-needed boon for those hit hardest by the pandemic.<\/p>\n\n\n\n He said: “I stood up at the beginning of this [coronavirus] thing and said I will do whatever it takes to protect the British people through this crisis and I remain committed to that.<\/p>\n\n\n\n “We went big, we went early, but there is more to come and there will be more to come in the Budget. But there is a challenge [in the public finances] and I want to level with people about the challenge.<\/p>\n\n\n\n “Some 750,000 people have lost their jobs and I want to make sure we provide those people with hope and opportunity. Next week’s Budget will do that.”<\/p>\n\n\n\n Source: Sky News<\/a><\/p>\n\n\n\n