Business support announced

Posted on 12 Aug 2015
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Chancellor announces business support measures Chancellor Rishi Sunak has unveiled £330bn worth of support designed to help businesses survive the coronavirus crisis. He announced that, on top of measures set out in his Budget last week, businesses will have access to Government-backed guaranteed loans at "attractive rates", with a £330bn pot available to firms which need money to pay rent, suppliers or staff or purchase stock. A new lending facility launched with the Bank of England will support larger companies, while SMEs will be able to borrow up to £5m with no interest due in first six months - up from the £1.2m announced in the Budget. Mr Sunak also announced that retail, leisure and hospitality companies will be exempt from business rates for a whole year, while firms with a rateable value of less than £51,000 will be given a cash grant of £25,000. The Chancellor also said banks will provide a three-month mortgage holiday for those who need it. Mr Sunak also said ministers are set to discuss a potential support package for airlines and airports. He added that ministers will work with trade unions and the industry to develop a “bold and ambitious” package of “employment support”.

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