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Power firm unlocks housing key

The UK’s biggest electricity network operator has announced a new scheme to help its employees looking to rent a new home.

From Press releases - 10 April 2017 10:00 AM

Coming the day after London Mayor Sadiq Khan spoke at an event at City Hall (Thursday) highlighting the high cost of housing, UK Power Networks is launching a new tenancy loan scheme for its 6,000 staff in London, the South and East of England.

Already a signatory to the 50,000 homes campaign, the company will provide interest free loans to staff to help them meet the cost of the deposit when they rent a new home.

Welcoming the scheme, Deputy Mayor for Housing and Residential Development, James Murray, said: “London’s high cost of housing is a huge challenge for businesses, making it harder attract and retain the people we need to keep our city thriving. It’s great to see UK Power Networks helping their employees who may be struggling with rent or trying to get onto the housing ladder.

“The Mayor and I want more businesses and organisations to follow their lead by signing up to the employers' pledge to offer employees help with housing including tenancy deposit loans. By making this available across our city we can help make sure London remains a city for all Londoners.”

UK Power Networks’ director of human resources Chris Degg said: “Substantial increases in London rental costs mean that people from all walks of life struggle to pay the deposit and rent required at the start of a tenancy. With almost 2,000 staff based in London it’s important that our staff are able to choose to live near their place of work and new staff aren’t 1,950 staff based in London, and 350 of these currently live outside the city for a variety of reasons.

“We already pay above the Living Wage, operate a loan scheme for season ticket commuters and offer independent advice to employees with housing problems through our Employee Assistance Programme and the new tenancy loan scheme is another important way in which we can support our employees”.

The new tenancy deposit loan scheme offers repayment over several months.