£4.6bn in new lockdown grants to support businesses

Rishi Sunak has announced that businesses in the retail, hospitality and leisure sectors are to receive a one-off grant worth up to £9,000.

In a bid to help businesses through to the Spring, the Chancellor said that the funding is to be provided on a per-property basis to support businesses through the latest lockdown restrictions, and is expected to benefit over 600,000 business properties, worth £4 billion in total across all nations of the UK.

The funding comes in addition to £1.1 billion further discretionary grant funding for local authorities, Local Restriction Support Grants worth up to £3,000 a month and extension of furlough scheme.

The new one-off grants come in addition to billions of existing business support, including grants worth up to £3,000 for closed businesses, and up to £2,100 per month for impacted businesses once they reopen.

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.”