Rent Cancellation Hits Pensioners

Rent cancellation would hit pensioners who rely on the income for their retirement, warns Ringley Group managing director Mary-Anne Bowring. Over 4,000 Labour party members signed an open letter backing rent cancellation as a policy. Labour’s five-point plan to help renters includes extending the evictions ban by at least six months and giving tenants two years to pay back rent arrears Bowring said: “No one can doubt or deny that millions of renters are facing major financial difficulties or anxieties but cancelling rents is not the answer. “Some renters may need more financial assistance from the government but cancelling rents or getting the government to pay would be hugely damaging.

“Cancelling private rents would represent one of the biggest raids on people’s pension pots in British history. “Hundreds of thousands of retired landlords rely on income from rental properties would be left massively out of pocket while landlords planning to use the income to supplement their pension will also be hit.”

Ryan Bembridge: ‘Rent cancellation a raid on people’s pension pots’