Gov't Plans To Offer 'Breathing Space' To Millions In Debt

Law360, London (February 6, 2020, 5:03 PM GMT) -- The Treasury announced plans on Thursday to order retail banks and other creditors to freeze interest payments, charges and enforcement on millions of people in debt for two months every year for a decade.

Britain's finance ministry said its proposed “breathing space” initiative is designed to help individuals struggling with their mental health as a result of debt. The initiative will cost businesses as much as £2 billion ($2.6 billion) over 10 years, mostly in missed interest payments.

The government hopes the program will contribute £13.6 billion to the economy over the next decade in higher rate of debt recovery, as well...

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