Companies in the economic sectors most affected by strict new lockdown measures will receive grants of up to 9£ 000 in a £ 46bn Treasury package to keep you afloat until spring
The Chancellor, Rishi Sunak, said he expected 600000 retail, recreational and hospitality commercial properties receive government funding through a one-time grant
The Chancellor acknowledged that the coming period would be “difficult” and said the government was stepping up efforts to protect jobs and prevent business failures
In addition to grants totaling 4 billion GBP 594 million will be given to the municipalities GBP made available to aid businesses affected by the lockdown but not eligible for the new payments.As part of the package, the Scottish Government will receive 375 million GBP, Welsh Government 227 million GBP and the Northern Irish executive 127 million GBP
UK Chambers of Commerce Director General Adam Marshall said, “This immediate cash flow support for businesses is welcome, but it is not enough to save many businesses. We need a clear support package for all of 2021, not just one further incremental intervention
â ???? The government needs to move away from this drip-fed approach and put in place a long-term plan that will allow all businesses of all shapes and sizes to plan and ultimately surviveâ ????
Sunak, who has already spent nearly £ 300 billion addressing the economic fallout from the Covid-19 crisis, said: “The new strain of the virus is a major challenge for all of us”? and during the introduction of the vaccine we had to tighten the restrictions further
“During the pandemic, we took swift action to protect lives and livelihoods, and today we are announcing another cash injection to support businesses and jobs until spring”
“This will help companies get through the months to come” and what is critical is that it helps keep jobs so workers are ready to go back when they can open againâ ????
The Treasury Department announced that there was a grant of 4£ 000 for businesses with a prorated value of 15£ 000 or less, 6£ 000 for businesses with a pro rata value between £ 15000 GBP and 51000 GBP and 9£ 000 would give to businesses with a pro rata value greater than £ 51000
Some business groups are calling on the government to extend a business-tariff vacation for another year to help businesses with their cash flow or to extend the temporary sales tax cut that is slated to end this month
Treasury sources didn’t rule out further announcements, but said the grants were meant to surprise the worst-hit companies until it was clear whether the new locks were effective, Sunak dropped strong evidence that the budget was on 3 March would provide the opportunity for a more comprehensive package of economic support
Many analysts predict that after the UK economy collapsed by almost a quarter in the first half of 2020, it will contract again in both the last three months of last year and the first three months of 2021 This fulfills the definition of a double-dip recession
Sunak expects more employees to join the vacation program that runs until the end of April â ???? as a result of actions deemed necessary to combat the spread of the virus
The Treasury Department announced that the new one-time grants were in addition to the existing business grants, including grants of up to 3£ 000 for closed businesses and up to £ 2£ 100 per month for affected businesses after they reopen
Roger Barker, Director of Policy at the Institute of Directors, said, “This new grant package is welcome and will help calm the worst-hit companies
â ???? We are particularly pleased that the Treasury Department has taken up our recommendation to increase the discretionary local authority grant fund.This policy has helped reach those who did not have access to other assistance, the government should be ready to replenish the fund when needed
â ???? The Registrar must be careful in assisting businesses as the vacation program and other support measures unfoldâ ????
World News – UK – Rishi Sunak reveals £ 46 billion UK Retail and Hospitality Aid Package