The Government has announced a £330 billion financial rescue package to support and protect businesses affected by COVID-19 including those in the retail, hospitality and leisure sectors.
- £330 billion of government-backed loans and guarantees that will be available from next week
- A package of support for airports and airlines to be announced in the coming days by the Secretary of State for Transport
- Stated Government actions are sufficient to trigger payments for those businesses with pandemic insurance
- For the hospitality and leisure sector there will be a business rates holiday and a £25k cash grant per retail and leisure business for those without specific pandemic insurance
- Strengthened support for people. In addition to the measures in the budget, mortgage lenders will offer a three-month “mortgage holiday” for those in financial difficulty due to the COVID-19 outbreak
The new measures are in addition to the £12 billion announced to support businesses in the budget last week and follows earlier announcements this week by Government on travel and the need for people to practice ‘social distancing” to avoid spreading the virus.
Visit Britain will be publishing regular updates on the practicalities around this announcement and sharing official advice and support as soon as it becomes available – please see their regularly updated webpage for the latest information and advice on COVID-19 for businesses and industry and links to Government advice.