Chancellor announces £1bn fund for businesses
Earlier today (Tuesday 21 December), the Chancellor of the Exchequer announced a new set out measures to help England’s hospitality sector as it struggles with a collapse in bookings sparked by the rise in Covid cases.
Commenting on the recent announcement Bill Addy, chief executive of Liverpool BID Company said:
“This bailout will barely cover overheads for many businesses and continues to show that the government does not understand the nuts and bolts of running a business. With 50% of their income being made in this crucial Christmas period, and with takings down 60%, many will be questioning their survival in 2022. Livelihoods should not be part of politics. We will continue to lobby for support, locally, regionally and nationally to ensure those that have lost income do not continue to fall behind.”
These measures include:
Businesses in the hospitality and leisure sectors in England will be eligible for one-off grants of up to £6,000 per premises, plus more than £100 million discretionary funding will be made available for local authorities to support other businesses
Government will also cover the cost of Statutory Sick Pay for Covid-related absences for small and medium-sized employers across the UK.
£30 million further funding will be made available through the Culture Recovery Fund, enabling more cultural organisations in England to apply for support during the winter