Money Tips Daily by Charles Kelly, former IFA and author of

City Centre “ghost towns” CBI warns, as major retailer New Look wants landlord to reduce rent to zero

The Confederation of British Industry (CBI) head, Dame Carolyn Fairbairn, said that Britain’s City centres could become "ghost towns" unless the Prime Minister Boris Johnson does more to encourage workers to go back to the office, the head of the CBI says.

New Look wants rents reduced to zero as part of CVA rescue package.

Top 50 UK employers have no plans to fully reopen offices. Major UK employers plan to keep staff working at home and have no immediate plans to bring them back to the offices, a BBC survey reveals.

What opportunities will there be for property investors?

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Major UK employers plan to keep staff working at home and have no immediate plans to bring them back to the offices, a BBC survey reveals. 

Is this the end of the office as we know it?

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

· Is this the end of work as we know it?

· Is it really more efficient to work at home?

· What will happen to all the city office blocks?

· Companies still have long leases on big offices

· Why live in expensive town centres anymore?

· The ‘eat out to help out’ scheme ends Monday

· Thousands trapped in unsellable leasehold flats

· Number of homes repossessed falls to record low

· Mortgage possession claims fell by 97% to just 161

· 2m homeowners apply for mortgage payment holiday

· Government extends ban on landlords evicting tenants

· Unemployment to double 7.5% and economy slump 9.5%

· Self-employed, have you claimed your government grant?

· Lenders not passing on rate cuts and mortgage rates going up!

· UK property prices jumped by 3% since June following stamp duty cut

· Why UK Property prices rising after stamp duty cut, despite the downturn?

· New planning rules will open up more opportunities to make money in property

· You can create a second income during the lockdown…and come out stronger

· Learn how to make money from propertywithout deposits, mortgages or cash

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Flat owners told their homes could be unsellable for up to 10 years with unsafe cladding.

Following the Grenfell Tower fire disaster, hundreds of thousands of buildings were deemed to be unsafe due to the outside wall cladding.

In 2019, the Royal Institution of Chartered Surveyors (RICS) brought out the EWS 1 form as a way of grading the safety of tower blocks with cladding.

The grading certificate was intended for buildings over 18 metres tall with cladding, but this year Government regulations changed. Mortgage lenders now require the form for shorter buildings as well.

It is estimated that 300,000 buildings that might require an EWS1. However, there are only 300 inspectors able to carry out the in-depth surveys, creating a huge backlog.

RICS charge at least £40,000 per building for the EWS1, which seems extortionate. Another issue is that only the freeholder can apply and some have refused, even though the cost will be passed on to leaseholder, because the say it's not a legal requirement.

Peabody, a Housing Association based in London have written to residents telling them that they think it will be 10 years before they can get all of their buildings compliant.

Sebastian O'Kelly is the chief executive of Leasehold Knowledge charity - which supports leaseholders told LBC News that flats are “largely unsellable now, because mortgage lenders want to know that they are safe, and more sites can't demonstrate that they are safe.”

"So you've got 900,000 to one million people living in blocks of flats that are higher than 18 metres which are affected by the cladding crisis."

Even if the cladding has been removed, the flats are un-mortgageable without the EWS1.

Leaseholders have also been saddled with enormous bills running into tens of thousands of pounds to carry out work, as well as paying monthly costs to employ people to ‘watch’ the building.

Buying a leasehold property is fraught with difficulty and you should buy freehold property if you can. 

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Why home repossessions are at a record low

The number of houses being repossessed by banks plummeted to a record low in the second quarter of this year, according to Zoopla.

The Ministry of Justice (MoJ) said the “unprecedentedly low levels” of possessions were due to government measures introduced to help homeowners by forcing lenders to offer mortgage holidays during the coronavirus pandemic.

The were no homes repossessed in the three months from April until the end of June, according to the MOJ. The number of mortgage orders for possessions dropped by 96% to just 149. Mortgage possession claims fell by 97% to 161.

Landlord possession claims also fell by 89%.

The government introduced a number of measures to enable people to stay in their homes even if their incomes were hit by the Covid-19 pandemic after the UK first entered lockdown in March.

The Financial Conduct Authority (FCA) advised homeowners and landlords in difficulty to apply for a three-month mortgage payment holiday.

The government passed the Coronavirus Act, which put a temporary halt on all repossession activity, initially for three months, and later until 23 August this year. The government extended the ban on landlords evicting tenants on Friday, two days before it was due to end.

Landlords are unable to start eviction proceedings against tenants even if they are anti-social or in arrears their rent.

Figures reveal that two million homeowners and landlords applied for a mortgage payment holiday since the initiative was first launched.

Repossessions and tenant evictions will resume in large numbers once support measures come to an end, but there will be huge backlogs and long delays in enforcing court orders.

A tenant could probably get away without paying rent for another year before an eviction took place.

If your mortgage payment holiday is coming to an end and are worried about paying your mortgage you should talk to your lender and avoid burying your head in the sand. Open those letters!

In theory, lenders can voluntarily offer repayment holidays for a limited period and could accept reduced repayments or switch you over to an interest-only mortgage, which would substantially cut your monthly payments.

You could ask your lender to extend your mortgage term, which can make your monthly repayments smaller, although the total amount repaid over the term would increase.

Low interest rates have prevented hundreds of thousands of mortgage borrowers from losing their homes since the last financial crisis. In the previous four recessions, interest rates shot up to record levels and repossessions and bankruptcies went through the roof.

The trade body, UK Finance, has urged homeowners to resume full mortgage payments if they can afford to do so, and you don’t really want mortgage arrears on appearing your credit file.

Despite all the measures, homelessness has not been eliminated by a long shot. I was in central London last night and I was shocked to see the number of people sleeping rough in doorways and on the streets. I have seen this before, but not on this scale.

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

The UK government extended the ban on landlords evicting tenants in England and Wales today until 20 September in a dramatic last-minute U-turn hours before the ban was due to end, following fears that up to 243,000 could lose their homes.

In most cases, renters will also get six months' notice if their landlord plans to evict them until the end of March.

The block on tenant evictions during the coronavirus pandemic was due to end on Sunday and courts were due to resume section 21 and section 8 eviction cases on Monday after a five-month pause...

Full story and more articles available at Money Tips Podcast - www.moneytipsdaily.com

1. Another travel firm goes bust

2. Croatia latest country on covid hit list

3. Apple is first US company to hit $2 trillion

4. Third of UK employers plan further job cuts

5. UK economy shrinks by 20% April to June 2020

6. Unemployment to double 7.5% and economy slump 9.5%

7. Self-employed, have you claimed your government grant?

8. Lenders not passing on rate cuts and mortgage rates going up!

9. UK property prices jumped by 3% since June following stamp duty cut

10. Why UK Property prices rising after stamp duty cut, despite the downturn?

11. New planning rules will open up more opportunities to make money in property

12. You can create a second income during the lockdown…and come out stronger

13. Learn how to make money from property without deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

UBI or a universal basic income has been talked about by governments and think tanks for years. Now Germany has started an experiment to see if UBI can replace some of the income from the millions of jobs – both blue and white collar - expected to be lost to robots, machines and AI.

Switzerland and Finland have previously run UBI pilot schemes.

Driverless vehicles alone will wipe out tens of millions of jobs and AI is replacing white collar jobs in banking and investment, law and accountancy.

Over 28 million people, or almost one fifth of the American workforce, were collecting some form of unemployment payment in the week ended 1 August, the BBC reports.

Full articles available at Money Tips Podcast - www.moneytipsdaily.com

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Apple now worth $2 Trillion – which businesses are booming during coronavirus crisis?

Apple becomes the most valuable US company ever as it hits $2 trillion milestone after it shares rose 60% this year.

Elon Musk becomes the fourth richest person in the world after his stock holdings gained $8 billion in one day as Tesla's share price rise 11% to an all-time high – the share price has soared by 330% this year. He is now worth $84 billion despite owning a until recently loss-making company, which is apparently worth more than Toyota, Ford and General Motors, while selling a fraction of the number of cars!

I have lived through at least four major recessions – early 1980’s, late 80’s to early 90’s, 2008 great recession and the current 2020 one which could be the daddy of them all. Unfortunately, there will always be winners and losers in recessions which naturally culls poor performing businesses by natural selection.

Some businesses are booming during the coronavirus pandemic and recession, while other go under for good.

Here are some examples...

Full articles available at Money Tips Podcast - www.moneytipsdaily.com

By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Self Employed – have you claimed a grant through the Self-Employment Income Support Scheme?

This scheme allowed the self-employed trader to claim a first taxable grant, which closed on 13 July 2020.

The second and final taxable grant is worth 70% of your average monthly trading profits, and will be paid out in a single instalment covering 3 months’ worth of profits - capped at £6,570 in total.

If you're self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) use this scheme if you're eligible to claim the grant.

Claims for the first grant are now closed, but the scheme is now open. If you’re eligible and your business has been adversely affected on or after 14 July 2020, you need to make your claim for the second grant on or before 19 October 2020.

Who can claim?

Full article and more available at Money Tips Podcast - www.moneytipsdaily.com

Hong Kong BNO passport holders snap up UK properties

There is anecdotal evidence that Hong Kong buyers are investing in British property ahead of eventually settling in the UK.

Following recent changes to the law, as many as three million Hong Kong residents could be offered the chance to settle in the UK and apply for citizenship, Boris Johnson announced last month.

The British Prime Minister said Hong Kong's freedoms were being violated by a new security law and has handed a lifeline to those affected in the form of a "route" out of the former UK colony and in to UK citizenship.

There are around 350,000 UK passport holders, and 2.6 million others eligible, will be able to come to the UK for five years.

And after a further year, they will be able to apply for citizenship.

British National Overseas (BNO) Passport holders in Hong Kong were granted special status in the 1980s but currently have restricted rights and are only entitled to visa-free access to the UK for six months.

BNO passports were granted to all Hong Kong citizens born before the Chinese handover in 1997. Whilst the second-class passports allowed the holder some protection from the UK foreign service, they did not give the right to live or work in Britain.

But under new government's plans, all British Overseas Nationals and their dependants will be given right to remain in the UK, including the right to work and study, for five years. After five years, they will be able to apply for settled status or Indefinite Leave to Remain. After a further year, they could apply for full UK citizenship.

Other countries, such as Australia and Canada, are wooing wealthy HK residents with offers of permanent residence. It is rare to the red carpet being rolled out for refugees, but these are not penniless migrants.

HK residents are highly educated, entrepreneurial and enjoy some of the highest standards of living in the world. What they lack is the rights and freedom we enjoy in the west.

There is a shortage of housing stock in England and the Chancellor’s stamp duty holiday has helped fuel a mini-boom. Despite coronavirus and mass unemployment, prices are actually rising in many parts of the country.

One potential drawback for the UK is Brexit, which may affect some migrant’s decision to settle here. However, if only 10% of the three million eligible HK residents choose to live in Britain that will mean 300,000 property buyers and renters looking for a place to live in the UK.

It remains to be seen whether or not today’s citizens will choose to settle and invest in the UK when other countries, such as Cyprus offer a guaranteed route to citizenship in the European Union.

The Cypriot immigration policy and legal framework now enable Non-EU applicants to obtain Cypriot citizenship on an expedited basis – fast.

By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

If you would like to know more about the Cyprus golden visa programme visit: http://eugoldenvisaprogramme.com

Last minute UK quarantine rules forces thousands to cut short holidays in Europe

The UK government has changed the quarantine rules for holidaymakers returning from France and the Netherlands.

What does this all mean for your travel rights?

Increased outbreaks of coronavirus have meant abandoning or changing holiday plans at the last minute, for thousands of travellers.

France, the Netherlands Monaco, Malta and the Caribbean nations of Aruba and Turks and Caicos have been added to the growing UK's quarantine list, with also added.

The announcement yesterday of a 14-day isolation requirement takes effect from 04:00 BST on Saturday 15 August.

To add to this year’s holiday misery, anyone travelling to France from the UK will be forced to quarantine for 14 days upon arrival there, the French Embassy has confirmed.

Tens of thousands of people returning holidaymakers from Spain and Belgium were subject to the quarantine rules.

Stock markets around the world fell today on the news of increased covid 19 infection and absence of further financial stimulus in America and Congress closed for the summer break.

The UK is officially in the worst recession in decades with the economy shrinking by an unprecedented 20% April to June. Whilst some sectors of the job market showing signs of recovery, this latest news with not help a severely weakened economy.

The numbers of unemployment benefits claimants rose sharply from just over 1 million to 2.7 million in the first six months of this year.

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com