Chancellor Rishi Sunak has announced a one-off grant worth up to £9,000 for retail, hospitality and leisure businesses affected by the new lockdown.
The payments are expected to cost £4.6 billion and help more than 600,000 business properties across the UK.
Another £594 million will be made available to councils and devolved nations to support businesses not covered by the new grants.
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.
Today I’m announcing £4.5 billion in new lockdown grants to support businesses and protect jobs. https://t.co/dHEpiunX78 pic.twitter.com/SUMrlQKCiE
— Rishi Sunak (@RishiSunak) January 5, 2021
“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.”
The Treasury said the one-off grants will be linked to business rates, with payments of £4,000 for businesses with a rateable value of £15,000 or less, £6,000 for businesses with a rateable value of between £15,000 and £51,000, and £9,000 for businesses with a rateable value of more than £51,000.
