Yesterday Chancellor Rishi Sunak announced the following :-
Overview
- £4bn in new grants to support retail, hospitality and leisure firms
- £594m for struggling firms in other sectors.
How will it work?
Firms forced to close would receive one-off grants worth up to £9,000 per property
of the following amounts:
- £4,000 for businesses with a rateable value of £15,000 or under
- £6,000 for businesses with a rateable value between £15,000 and £51,000
- £9,000 for businesses with a rateable value of over £51,000
What about existing business support?
The new one-off grants come in addition to billions of existing business support, including:
- grants worth up to £3,000 for closed businesses
- up to £2,100 per month for impacted businesses once they reopen.
- 100% business rates relief for retail, hospitality and leisure businesses
- the furlough scheme now extended to April
- 100% government backed loans extended until March.
What about the rest of the UK?
Business support is a devolved policy and therefore the responsibility of the devolved administrations, which will receive additional funding as a result of these announcements in the usual manner:
- Scottish Government will receive £375 million
- Welsh Government will receive £227 million
- Northern Ireland Executive will receive £127 million
