Chancellor announces £4.6 billion in aid to help UK through further lockdown

Chancellor of the Exchequer Rishi Sunak has announced a new round of grants for businesses in retail, hospitality, and leisure. The grants will be worth up to £9,000 per property, according to the Treasury, and total £4 billion across the country.

In addition, the Chancellor also pledged a further £594 million to Local Authorities and Devolved Administrations so that they can work to provide support to businesses not eligible for the new round of grants. This latest support package sits alongside the government’s existing coronavirus aid schemes, such as business rate relief and the furlough scheme.

Speaking on Tuesday, Mr Sunak said he was “committed to protecting jobs and supporting businesses” and intended the current levels of support to take Britain through to spring. The Chancellor said “the Budget in early March is an excellent opportunity to take stock of the range of support we have put in place and set out the next stage of our economic response.”

The Budget will be announced on 3 March 2021, while the government’s current furlough scheme has been extended to the end of April 2021.

In a statement, the Chancellor told the nation: “The new strain of the virus presents us all with a huge challenge – and whilst the vaccine is being rolled out, we have needed to tighten restrictions further. Throughout the pandemic we’ve taken swift action to protect lives and livelihoods and today we’re announcing a further cash injection to support businesses and jobs until the Spring. This will help businesses to get through the months ahead – and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen.”

If you believe your business is eligible for further government assistance, JW Hinks is here to help. Our experienced team of accountants and business consultants can help you make the most of your options. Call us on 0121 456 0190 to learn more.