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Chancellor of the Exchequer, Rishi Sunak, announced a 拢12bn package to help safeguard the economy during the coronavirus epidemic.
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The package includes a 拢5bn cash injection for the NHS
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SMEs will be offered cash grants of up to 拢25,000
The recently appointed Chancellor of the Exchequer, Rishi Sunak, announced his 拢12bn package to stablise the economy amid the spread of coronavirus as ‘temporary, timely and targeted.’
The measures include a 拢5bn injection for the NHS to head with the control and treatment of the disease and a pledge to help small businesses struggling in this current climate.
The leisure industry has been hit the hardest with retailers, restaurants, events, stadiums and more, seeing an astronomical decrease in footfall, forces shut downs or complete cancellation.
To help manage this, the Chancellor promised business rates to be scrapped for a year for a large part of the economy, covering retailers, pubs, clubs, theatres and restaurants. Sunak offered cash grants of up to 拢25,000 for small and medium-sized businesses in the most affect areas.
The chancellor鈥檚 headline policy offered 拢330bn of loans and loan guarantees for business hit by the coronavirus is equivalent to 15% of GDP.
Nic Redfern, finance director of聽KnowYourMoney.co.uk (now ), commented:
“The Chancellor is clearly trying to live up to the government鈥檚 promise to do 鈥渨hatever it takes鈥� to help businesses survive the coronavirus crisis. And these latest measures are certainly positive, but time is of the essence. The government must ensure that there are no delays in getting cash to businesses 鈥� promises of cash and support are one thing, but if takes too long to come to fruition then many businesses will collapse.
鈥淯ltimately, the government is acting and new measures are being introduced each day, which must be praised. An evolving strategy will clearly be important; the pandemic is a long-term issue, so it is vital that business leaders and employees receive ongoing support. What might seem reasonable now can quickly become insufficient.鈥�
