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Landlords tell ministers: let’s go halves on rent bills - Telegraph.co.uk

Landlords tell ministers: let’s go halves on rent bills - Telegraph.co.uk

Landlords tell ministers: let’s go halves on rent bills - Telegraph.co.uk
Aug 09, 2020 44 secs

Trade bodies have been in talks with ministers about proposals that would see the Government fund up to 50pc of rent and services charges owed by businesses in the retail, hospitality and leisure sectors.

It is estimated that about £3bn of rent owed to commercial property landlords for the six months to September will not have been paid, laying bare the acute pressures faced by landlords and tenants.

Retail tenants and landlords appear to be suffering the most, with only 50.5pc of rent due from retail properties for the third quarter collected 35 days after the due date.

Analysis commissioned by the trade bodies pushing for the Property Bounce Back grants claims that the estimated £1.75bn cost of paying 50pc of unpaid retail, leisure and hospitality rents for six months would be outweighed by the almost £7bn from tax revenue from sustained economic activity, and 375,000 jobs would be saved.

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