By Tara Rippin • 03 March 2021 • 17:06
Rishi Sunak confirms £5bn grant scheme to help shut-down businesses reopen after lockdown.
UNVEILING the details of his 2021 Budget this afternoon, the Chancellor confirmed £5bn (€5.8bn) of new grants for hard-hit firms.
This could be worth up to £6,000 for non-essential retailers and £18,000 for restaurants, pubs, personal care and gym businesses to get them back up and running.
And in addition to restart grants, Sunak said there will be an extension to the business rates holiday until June and slashed VAT for hospitality businesses will continue for several more months.
The leisure and hospitality sectors are subject to heavier restrictions and will remain closed for longer, and as such will be given larger grants than non-retail businesses, for example, which are expected to open from next month.
The Chancellor said: “Non-essential retail businesses will open first, so they’ll receive grants of up to £6,000 per premises.
“Hospitality and leisure businesses, including personal care and gyms, will open later, or be more impacted by restrictions when they do, so we’ll give them grants of up to £18,000.
“That’s £5 billion of new grants, on top of the £20 billion we’ve already provided.”
The Chancellor’s budget also includes a new £520M ‘Help to Grow’ scheme to help SMEs recover from the Covid pandemic.
Sunak said the new scheme, which will aim to make businesses ‘more innovative’
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Tara Rippin is a reporter for Spain’s largest English-speaking newspaper, Euro Weekly News, and is responsible for the Costa Blanca region.
She has been in journalism for more than 20 years, having worked for local newspapers in the Midlands, UK, before relocating to Spain in 1990.
Since arriving, the mother-of-one has made her home on the Costa Blanca, while spending 18 months at the EWN head office in Fuengirola on the Costa del Sol.
She loves being part of a community that has a wonderful expat and Spanish mix, and strives to bring the latest and most relevant news to EWN’s loyal and valued readers.
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