New lockdown grants: Chancellor announces £4.6 billion

new lock down grants hm treasury update

Chancellor Rishi Sunak has announced £4.6 billion in new lockdown grants to support businesses and protect jobs.

UK businesses in the retail, hospitality and leisure sectors will get one-off grants worth up to £9,000 per property.

The payments will support 600,000 business properties across the UK. A further £594 million will be available to councils and devolved nations to support businesses not covered by the new grants.

The Chancellor said:

‘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 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.’

The government has also provided 100% business rates relief for retail, hospitality and leisure businesses.£1.1 billion existing discretionary funding for Local Authorities. The government has extended furlough scheme to April. Moreover, 100% government-backed loans, extended until March.

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