COVID-19 Business Update: Chancellor Rishi Sunak announces £330bn package
The Chancellor Rishi Sunak has announced extended plans to protect jobs and businesses in the UK. This includes extended business rates holiday to all retailers, to help mitigate the growing economic impact of COVID-19.
Amongst the COVID-19 plans are specific support including:
- £330bn of government-backed loans and guarantees for UK businesses.
- 12-month business rates holiday for retailers.
- Cash grants for the UK’s smallest businesses increased from £3,000 to £10,000.
- For those without insurance, he’s promised an additional cash grant of up to £25,000 per business to help bridge them through this period.
The government will do whatever it takes to protect companies and incomes, he said. Adding that this would be “on a scale unimaginable only a few weeks ago”. He said it was not a time for economic “orthodoxy” and that it was “a time to be bold, a time for courage”.
“I want to reassure every British citizen, this government will give you all the tools you need to get through this,” he added.
The plan is a fantastic start for businesses, self-employed, and those struggling to find work. This package of support will have far-reaching support for the UK and companies should feel a little more confident in keeping employees employed and businesses running.