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Factbox: UK Rolls Out $6.2 Billion Of Business Support For New Lockdown

Factbox: UK Rolls Out $6.2 Billion Of Business Support For New Lockdown

Britain will make 4.6 billion pounds ($6.2 billion) worth of grants and financial support available to companies in sectors such as hospitality, retail and leisure to try to help them survive a new COVID19 national lockdown.

LONDON: Britain will make 4.6 billion pounds ($6.2 billion) worth of grants and financial support available to companies in sectors such as hospitality, retail and leisure to try to help them survive a new COVID-19 national lockdown.

Below are details of the new support:

– One-off top up grants will be given worth up to 9,000 pounds per property to help businesses through to the spring.

– The per-property support is expected to benefit over 600,000 business properties, worth 4 billion pounds in total across all nations of the United Kingdom.

– A 594 million pound discretionary fund will also support other impacted businesses.

– The support comes in addition to 1.1 billion pounds of grant funding for Local Authorities, and Local Restriction Support Grants worth up to 3,000 pounds a month and extension of the job furlough scheme.

– Business support is a devolved matter in the United Kingdom, meaning the governments in Scotland, Northern Ireland and Wales can direct the funding.

– The Scottish government will receive 375 million pounds, the Welsh government will receive 227 million pounds and the Northern Ireland Executive will receive 127 million pounds.

– Finance minister Rishi Sunak said: “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.”

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor


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