£4.6 billion funding for businesses welcomed by Highlands MSP
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Extra funding from the UK Government for businesses has been welcomed by a Highlands and Islands MSP.
Donald Cameron MSP has welcomed today’s announcement of a further £4.6 billion business support package.
The announcement was made by by Chancellor Rishi Sunak earlier today.
Mr Cameron said: “This is a very welcome initiative and builds on the chancellor’s earlier decision to extend the furlough scheme until April.
“I am particularly pleased that businesses in the hospitality, leisure and retail sectors stand to receive a one-off grant worth up to £9,000, given their importance to the local economy.
“This is all about using the United Kingdom’s financial resources to protect jobs and livelihoods, and help those businesses which have been struggling to survive the pandemic.”
The announcement follows the prime minister’s and first minister's statement yesterday that these business will be closed until at least the end of January and in England until February half-term in order to help control the virus. The funding, together with the wide range of existing support, it is hoped this will provide businesses with certainty through the Spring period.
The cash is provided on a per-property basis to support businesses through the latest restrictions, and is expected to benefit over 600,000 business properties, worth £4 billion in total across all nations of the UK.
Announcing the funding, Mr 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."
A further £594 million is also being made available for Local Authorities and the Devolved Administrations in Scotland, Wales and Northern Ireland to support other businesses not eligible for the grants, that might be affected by the restrictions.
Businesses should apply to their Local Authorities.
The government has also provided 100 per cent business rates relief for retail, hospitality and leisure businesses, £1.1 billion existing discretionary funding for Local Authorities, the furlough scheme now extended to April and 100 per cent government backed loans, extended until March.
More on the announcement here: https://www.gov.uk/government/news/46-billion-in-new-lockdown-grants-to-support-businesses-and-protect-jobs
