Factbox: UK rolls out $6.2 billion of business support for new lockdown

LONDON (Reuters) - Britain will make 4.6 billion pounds ($6.2 billion) worth of grants and financial support available to companies in sectors such as hospitality, retail and leisure to try to help them survive a new COVID-19 national lockdown. Below are details of the new support: - One-off top up grants will be given worth up to 9,000 pounds per property to help businesses through to the spring. - The per-property support is expected to benefit over 600,000 business properties, worth 4 billion pounds in total across all nations of the United Kingdom

Reuters January 06, 2021 00:06:32 IST
Factbox: UK rolls out $6.2 billion of business support for new lockdown

Factbox UK rolls out 62 billion of business support for new lockdown

LONDON (Reuters) - Britain will make 4.6 billion pounds ($6.2 billion) worth of grants and financial support available to companies in sectors such as hospitality, retail and leisure to try to help them survive a new COVID-19 national lockdown.

Below are details of the new support:

- One-off top up grants will be given worth up to 9,000 pounds per property to help businesses through to the spring.

- The per-property support is expected to benefit over 600,000 business properties, worth 4 billion pounds in total across all nations of the United Kingdom.

- A 594 million pound discretionary fund will also support other impacted businesses.

- The support comes in addition to 1.1 billion pounds of grant funding for Local Authorities, and Local Restriction Support Grants worth up to 3,000 pounds a month and extension of the job furlough scheme.

- Business support is a devolved matter in the United Kingdom, meaning the governments in Scotland, Northern Ireland and Wales can direct the funding.

- The Scottish government will receive 375 million pounds, the Welsh government will receive 227 million pounds and the Northern Ireland Executive will receive 127 million pounds.

- Finance minister Rishi 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."

(Reporting by Kate Holton, editing by Elizabeth Piper)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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