Tue, 05 Jan 2021 | BUSINESS NEWS
Chancellor Rishi Sunak has announced that businesses in the retail, hospitality and leisure sectors will be eligible for grants of up to £9,000 as part of a £4.6 billion package to keep businesses afloat during the third national lockdown.
The latest lockdown, announced by the Prime Minister last night, will force non-essential businesses to close until at least the middle of February, although Cabinet Office minister Michael Gove has since conceded that the lockdown is likely to last until March.
The grants will come in the form of one-off top-up payments, with businesses with a rateable value of up to £15,000 receiving £4,000, businesses with a rateable value between £15,000 and £51,000 receiving £6,000 and businesses with a rateable value of over £51,000 receiving £9,000.
The grants will be provided on a per-property basis and the Chancellor has said that he expects 600,000 business properties to receive the grants. The support is a devolved policy, with £375 million going to the Scottish Government, £227 million to the Welsh Government and £127 million to the Northern Ireland Executive.
Also included in the £4.6 billion package is a £594 million discretionary fund available to other impacted businesses. The new spending package is in addition to the furlough scheme, recently extended until the end of April, and £1.1 billion in further discretionary grant funding for local authorities and Local Restriction Support Grants of up to £3,000 per month.
Chancellor Rishi Sunak 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 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.”
Roger Barker, Director of Policy at the Institute of Directors, commented: “This new grant package is welcome, and will go some way to reassuring the worst affected businesses.”
“We are particularly pleased the Treasury has taken on board our recommendation to increase the discretionary local authority grant fund. This policy has helped to reach those who haven’t been able to access other support. The government should be prepared to top up the fund if necessary.
“The chancellor must remain wary of a spring cliff-edge in business support as the furlough scheme and other support measures unwind.”
The company is globally recognised as the market leader OEM provider and designer of micromalting and pilot malting systems. All the company’s micromalting, pilot malting systems and ancillary equipment are designed in-house, allowing it to fulfil an...
LEASEHOLD
The company produces and supplies a wide range of coffee products created using ethically sourced beans from South America. The core products comprise wholebeans, grounds, single-origin roasts, blends, cold brews and compostable pods.
LEASEHOLD
The business was first established by the owner in 2019, building up an excellent reputation during its time of trading. As seen by some online ratings and reviews, the business is extremely popular within the local area.
LEASEHOLD
03
|
Feb
|
Social media marketing firm acquired at up to 41.6x operating profit | BUSINESS SALE
Manchester-based social media and influencer marketing agenc...
03
|
Feb
|
Pub group planning to sell 1,000 sites as pressures on hospitality mount | COMMERCIAL PROPERTY
Stonegate Group, the UK’s largest pub company, is repo...
02
|
Feb
|
Babble hits 12 acquisitions in a year with double takeover | BUSINESS SALE
London-based cloud technology firm Babble has continued its ...
Sign up to receive our acquisition alert emails to get your FREE guide
03
|
Feb
|
Pub group planning to sell 1,000 sites as pressures on hospitality mount | COMMERCIAL PROPERTY
Stonegate Group, the UK’s largest pub company, is repo...
03
|
Feb
|
Social media marketing firm acquired at up to 41.6x operating profit | BUSINESS SALE
Manchester-based social media and influencer marketing agenc...
02
|
Feb
|
US group snaps up UK conferencing and events spaces provider | BUSINESS SALE
Etc Venues, a UK-based provider of conferencing and events s...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources