LONDON (Reuters) – Britain will provide 4.6 billion pounds ($ 6.2 billion) in donations and financial support to companies in sectors such as hospitality, retail and leisure to try to help them survive the new national lockout of COVID-19.
Below is information on the new support:
– Up to one – off grants of up to £ 9,000 per property will be awarded to help businesses through the spring.
– The support per property is expected to benefit over 600,000 industrial properties, worth a total of £ 4 billion across the nations of the United Kingdom.
– A 594 million pound discretionary fund will support other affected businesses.
– The support comes in excess of £ 1.1 billion of grant funding for Local Authorities, and Local Restrictive Assistance Grants of up to £ 3,000 per month and an expansion of the job protection scheme.
– Business support is a devolved matter in the United Kingdom, meaning that governments in Scotland, Northern Ireland and Wales can manage their funding.
– The Scottish government will receive 375 million pounds, the Welsh government will receive 227 million pounds and the Northern Ireland Government will receive 127 million pounds.
– Finance Minister Rishi Sunak said: “This will help businesses recover through the coming months – and crucially will help retain jobs, so that employees are ready to return when they can reopen . “
Reporting by Kate Holton, edited by Elizabeth Piper