On the December 21, Chancellor Rishi Sunak revealed that the hospitality and leisure sectors would be receiving a further £1 billion in financial support.
All businesses are entitled to a maximum of £6,000 through a one-time cash grant. Sunak stated that this extra measure is due to the rise in coronavirus cases creating a situation which is “very difficult, especially for those in the hospitality industry”.
Associate Director at Prop-Search, Samantha Jones, explained: “Following guidance to work from home and to prioritise social engagements – with rising Covid cases and fears over the spread of the new Omicron variant – many offices have emptied out and Christmas parties have been cancelled, financially hurting hospitality businesses.”
Regarding the announcement, Sunak said: “The grants that I’ve outlined, up to £6,000, are comparable to the grants that we provided for hospitality businesses when they were completely closed earlier this year – so there is a benchmark for you.”
It is estimated that approximately 200,000 businesses within the UK can claim the business grants, which will become available in the upcoming weeks. The grants will be managed by local authorities.
The Treasury have announced that the Cultural Recovery Fund, which provides support for institutions including museums and theatres, will receive a £30 million top-up.
The Treasury will also reintroduce the Statutory Sick Pay Rebate Scheme, helping Small and Medium Enterprises (SMEs) receive compensation from the Government to counteract the cost of their employees’ sick pay.