Menu

Government announces £594 million in new business support

Plus £4 billion for retail, hospitality and leisure

 
 
Follow us on:

Chancellor Rishi Sunak has announced a £594 million support package for struggling UK businesses one day after the government announced a new nation-wide lockdown. 

Read time: 2 minutes

  • £4 billion support for retail, hospitality and leisure
  • £594 million for other businesses
  • Local Authorities and Devolved Administrations to distribute funds
     

Sunak said the £594 million support package would be made available to Local Authorities and the Devolved Administrations, a move that will allow them to support businesses such as startups that may not qualify for other support mechanisms announced today. Details of eligibility and how to apply have not yet been released.

The £594 million support package adds to the £1.1 billion existing discretionary funding for Local Authorities. 

A further £4 billion support package is aimed at an estimated 600,000 businesses in the retail, hospitality and leisure sectors, with grants worth up to £9,000 per property. 

Some existing schemes are due to conclude in March in April and Sunak said that additional support could be announced in the Budget on 3 March. 

“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,” Sunak said. 

“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.”

Sadiq Khan, the Mayor of London, welcomed the Treasury announcement but said the support package does not go far enough. 

“Clearly more help is needed, including an extension to the business rates holiday and the VAT relief scheme, targeted support for night-time economy businesses which have been forced to stay shut since March, and more support for those who are self-isolating,” said Khan.

Here’s what the C-suite really think about emerging technologies

Here’s what the C-suite really think about emerging technologies

Key data for tech founders selling to corporates.

Register here


The information contained in this article is correct at the time of publishing. We recommend that you carry out your own independent research to understand how this topic affects you and your business.

We have pulled the resources on this page together for you to help with your independent research and business decisions. This page contains link(s) to third party websites and resources that we (Barclays) are not providing or recommending to you.

Barclays (including its employees, Directors and agents) accepts no responsibility and shall have no liability in contract, tort or otherwise to any person in connection with this content or the use of or reliance on any information or data set out in this email unless it expressly agrees otherwise in writing. It does not constitute an offer to sell or buy any security, investment, financial product or service and does not constitute investment, professional, legal or tax advice, or a recommendation with respect to any securities or financial instruments.

The information, statements and opinions contained in this content are of a general nature only and do not take into account your individual circumstances including any laws, policies, procedures or practices you, or your employer or businesses may have or be subject to. Although the statements of fact on this page have been obtained from and are based upon sources that Barclays believes to be reliable, Barclays does not guarantee their accuracy or completeness.

Share this page

Support & Insights
News
Go back to the top of the page