Chancellor Rishi Sunak is set to announce new ‘restart grants’ of £6,000 per premises to help hospitality businesses reopen safely at his Budget on Wednesday.
The funding will be phased with some eligible for up to £18,000 per premises if they are in the later plans for easing lockdown.
The measure sees £5 billion allocated in England, with the devolved nations Northern Ireland, Scotland, and Wales to receive £794 through the Barnett formula.
Distribution of the funding grants will be executed through local authorities and received in April.
The Chancellor said of the move: “Our local businesses have been hit hard by the pandemic which is why we went big and went early with a multibillion-pound package of support. There’s now light at the end of the tunnel and this £5 billion of extra cash grants will ensure our high street can open their doors with optimism.”
The Treasury estimates circa 230,000 businesses are entitled to the higher payment that will be awarded based on their rateable value.
This will be welcomed by many small businesses, but even the higher £18,000 grant is not going to make much difference to most businesses.
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Hospitality & Catering News: Chancellor’s new grant welcome but insufficient. – 1 March 2021 – Chancellor’s new grant welcome but insufficient.
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