Covid-19 Business Update: Chancellor Rishi Sunak announces £330bn package
The chancellor Rishi Sunak has today 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 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 have been increased from £3000 to £10,000
- For those without insurance, he promised an additional cash grant of up to £25,000 per business to help bridge them through this period
The government would do whatever it took 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”. Coronavirus: Rishi Sunak’s rescue package for UK’s economic emergency “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 announced today 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 of keeping employees employed and businesses running.