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

Small businesses in the devolved administrations should also be able to benefit from other UK-wide measures in the government’s unprecedented package of support for busi