UK Govt announces £4.6bn in new lockdown grants

Retail, hospitality and leisure businesses in the UK will receive new grants to help them survive the latest Covid-19 lockdown, Chancellor Rishi Sunak said on Tuesday.

It comes after the UK Government announced that these business will have to close again in order to help control the spread of coronavirus.

England’s lockdown rules are due to be reviewed on 15 February while Scotland’s will be reviewed at the end of January.

The one-off top-up grants are expected to benefit more than 600,000 business properties.

Closed businesses in the retail, hospitality and leisure sectors with a rateable value of £15,000 or under will be eligible to receive a grant of £4,000. Those with a rateable value between £15,000 and £51,000 can apply for a £6,000 grant, and £9,000 will be available for business properties with a rateable value of more than £51,000.

As business support is a devolved policy, the UK Government will provide £375m in additional funding to the Scottish Government, £227m to the Welsh Government and £127m to the Northern Ireland Executive.

A further £594m is being set aside to support businesses in other sectors that might be affected by the restrictions. This money will be made available by local authorities.

In total, the measures are worth £4.6bn across the UK.