Justin Tomlinson MP

Justin Tomlinson MP

MP For North Swindon

Corona Virus Update - 17/03/20 Chancellor Rishi Sunak Announcement

Please see below an update from Chancellor Rishi Sunak:

1/ We will support jobs, we will support incomes, we will support businesses, we will help you protect your loved ones. We will do whatever it takes.

Today, I am making available an initial £330bn of guarantees – equivalent to 15% of our GDP. Measures include:

2/ Any business who needs access to cash will be able to access a government-backed loan, on attractive terms.

If demand is greater than the initial £330bn I’m making available today, I will go further and provide as much capacity as required.

3/ To support lending to small and medium sized businesses, I am extending the new Business Interruption Loan Scheme I announced at the Budget last week, so that rather than loans of £1.2m, it will now provide loans of up to £5m, with no interest due for the first six months.

4/ I announced last week that for businesses in the retail, hospitality and leisure sectors, with a rateable value of less than £51,000, they will pay no business rates this year. Today, I provided those businesses with an additional cash grant of up to £25,000 per business.

5/ I am also extending the business rates holiday to all businesses in those sectors, irrespective of rateable value.

6/ That means every single business in the retail, hospitality or leisure sector will pay no business rates whatsoever for 12 months, and if they have a rateable value of less than £51,000, they can now get a cash grant as well.

7/ I also announced last week that we would be providing £3,000 grants to the 700,000 of our smallest businesses. To support their cash flow, today I can increase those grants to £10,000.

8/ Following discussions with industry, I can announce today that for those in difficulty due to coronavirus, mortgage lenders will offer a three month mortgage holiday – so that people will not have to pay a penny towards their mortgage while they get back on their feet.

9/ In the coming days, I will go much further to support people’s financial security. In particular, I will work with trade unions and businesses to urgently develop new forms of employment support to help protect people’s jobs and incomes through this period.

10/ The measures I have announced today are part of a comprehensive, coordinated and coherent response to what is a serious and evolving economic situation.

These are only the first steps – I will set out the next stage of our response in the coming days.

11/ Read the full text of my speech here: https://www.gov.uk/government/speeches/chancellor-of-the-exchequer-rishi-sunak-on-covid19-response?fbclid=IwAR1sLU5abn230gNT6qtAXNqRXTIywj3FvubDPR9Ah1QdUPVfwdyHF7Y3_Hs

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