£5 billion fund to help High Streets recover from Covid-19
A £5 billion scheme for High Street shops and hospitality firms in England has been unveiled, with Rishi Sunak promising more support to come for the economy.
Ahead of tomorrow's Budget, the Chancellor said the grants (worth as much as £18,000 per firm) will help businesses reopen as England eases lockdown.
Nearly 700,000 shops, restaurants, hotels, hair salons, gyms and other businesses in England, will be eligible for these 'restart grants', to be distributed directly to firms by local authorities from April. These will replace the current monthly grant system.
Non-essential shops in England, along with outdoor hospitality, will be allowed to reopen from 12 April at the earliest.
Other announcements have included:
- A new government-backed mortgage guarantee scheme for home buyers with small deposits
- An “elite” visa to encourage high-skilled workers including researchers, engineers and scientists to come to the UK
- £126 million for traineeships and a “flexi-job” apprenticeship in England
- A green savings bond for retail investors to help boost the UK’s transition to net zero emissions
The BID will update you as further details are announced.