1.2 million payment holidays granted

Figures released by the banking lobby group UK Finance show that by the end of April payment holidays had been granted for around 700,000 credit cards and around 470,000 loans had been put on pause. Its chief executive, Stephen Jones, said: “Many people across the country are facing financial pressures due to the coronavirus, and lenders are taking decisive action to help them through these tough times.” UK Finance urged customers to apply to put repayments on hold only if they needed immediate help. This week data collected by economists at Capital Economics showed that 2 million households in the UK had applied to access mortgage holidays. Gareth Shaw, the head of money at Which?, said: “It’s encouraging to see the industry supporting so many customers so quickly, but it highlights the scale of the financial pressure people in this country are facing.