A number of landlords across the UK have supported the Night Time Industries Association (NTIA’s) ‘Big Freeze’ on the economy.
The Big Freeze proposes that all financial commitments to banks such as mortgages and loans are put on hold, without affecting interest or accruing debt. They will be reinstated once the crisis period ends.
The NTIA says the freeze is essential for those industries that are completely unable to function during the Covid-19 lockdown.
John James, MD of London landlords Soho Estates, commented: “As one of London’s largest landlords in an area of high concentration, we at Soho Estates have been around long enough to have seen several recessions. This is different.
“We know that for many tenants, things are enormously difficult currently. That is why we are supporting The Big Freeze. As Landlords, we are a keen Stakeholder and part of the community. We know that we must avoid a situation of empty high streets at all costs. We as landlords also have financial commitments, as do our tenants. The Big Freeze is a smart solution for all.”
A joint statement by the NTIA and a selection of UK landlords added: “Landlords are NOT the bad guys. They are British businesses who form an integral and vital part of UK Plc.
“The Night Time Industries and the broader hospitality sector, along with retail, travel and tourism industries are facing a life or death situation right now, with an unprecedented level of business interruption, enforced by government to protect public health.
“We know that the British public will support mechanisms that will see our society through this crisis, without further devastation through the intransigence of the banking and the financial sector.
“We invite the Prime Minister to adopt The Big Freeze as a matter of the utmost national urgency immediately.”