UK chancellor, Rishi Sunak, has announced a huge bailout to keep Britain’s businesses and employee’s solvent during the Covid-19 crisis.
On Tuesday 17th March 2020, the Chancellor of the Exchequer, Rishi Sunak announced a £330 billion budget support package for businesses. Among Sunak’s proposals are:
- Business loans available
- Companies who are unable to meet filing deadlines due to the Coronavirus may apply for extensions
- The 12-month business rates holiday, announced in the budget, for all businesses in the retail, hospitality and leisure sector with a rateable value of less than £51,000 has now been extended to all businesses in the sector
- Mortgage lenders have agreed to a payment holiday of up to three months for those struggling to pay
- A cash grant of up to £25,000 for retail and leisure businesses to help cover costs such as rent.
- Planning rules to be relaxed, so pubs and restaurants can operate as takeaways.
- Every single shop, restaurant, theatre & pub will pay no business rates for 12 months
- The business interruption loan scheme will be extended
- Mortgage lenders to offer 3-months mortgage holiday break for those in difficulty
- IR35 reforms delayed until April 2021
As well as this, yesterday, the Prime Minister, Boris Johnson, announced that the government will bring in emergency legislation to protect renters who are affected by COVID-19 and fall behind on their rent payments. The chancellor is also believed to be considering significant cuts to the employers’ rate of national insurance and top-ups to universal credit.
If you wish to seek help for you or the businesses you work with these are the COVID-19 helplines:
England
Telephone number: 0800 024 1222
Hours: Monday to Friday, 9am to 6pm
Scotland
Telephone number: 0300 303 0660
Hours: Monday to Friday, 8:30am to 5:30pm
Wales
Telephone number: 0300 060 3000
Hours: Monday to Friday, 8:30am to 5:30pm
Northern Ireland
Telephone number: 0800 181 4422
Hours: Monday to Friday, 8:30am to 5pm
