Bosses from trade body industries have called for an extension to the current commercial rent moratorium.
Hospitality, retail and leisure firms are facing huge levels of debt as the economy reopens, industry bodies have told the government.
"While government measures have been really helpful in terms of setting out a framework for easing the burden of government backed debt, we're not seeing that translated through on the ground by banks" she said.Ms Nicholls told the committee: "We've got £2.5bn of historic rent debt, which currently falls due in one hit on 1 July when the moratorium ends, so we urgently need those moratoriums extended.
She told MPs it was particularly worrying for businesses with multiple sites: "If you've got 50 sites in your hospitality business, you've probably got 50 different landlords, and all it takes is one landlord to be recalcitrant and to not concede or negotiate, and it could be enough to trigger insolvency across the whole of the estate.
Helen Dickinson, chief executive of the British Retail Consortium , told MPs that rent debt was a problem for her sector too. "We've lost around 5,000 shops during the course of 2020. Whether we lose more shops going forward than we need to, will depend on the rent moratorium decision, and what happens with the business rates review."
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