Letting agent fees to be banned by the Chancellor in mini-budget
- Credit: PA
Letting agents will be banned from imposing fees under plans which will be unveiled by the Chancellor in his first Autumn Statement today.
Philip Hammond will claim his first financial blueprint will improve the living standards of ordinary working class people and their families as he delivers his first Autumn Statement since moving into Number 11 in the wake of the vote to leave the European Union.
The Treasury said fees for people moving into rented homes averaged about £337, while the homeless charity Shelter claims one in seven people pay more than £500 in up-front payments to companies when they are moving into a new rented home.
The announcement will not see an immediate ban as it is expected a law change will be needed.
Scotland already has a similar ban in place.
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Mr Hammond's statement is also expected to include another rise in the National Living Wage to £7.50 an hour from April 2017. He will also make a £4.3m cash pot available to enforce the new rules.
Changes to Universal Credit - the new benefit which has seen six means tested benefits and tax credits rolled into one payment - will also be made in a move the Treasury say will help three million families. He is expected to announce a reduction of the taper rate to 63pc.
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Mr Hammond will also reform compensation rules for whiplash claims - a move the Treasury claims could reduce insurance premiums by about £40 a year.