A £5 billion fund to support high street shops, hospitality and leisure businesses in England is to be announced.
In advance of the Budget on Wednesday, chancellor Rishi Sunak has revealed that the grants would help high street pubs, restaurants, and non-essential shops, giving them ‘the support they need to get them through, get them back on their feet’.
Government borrowing stands at £2.71bn this financial, year, bringing the national debit to £2.13 trillion.
These ‘restart grants’, which may be worth up to £18,000 per eligible business, will, it is hoped, benefit nearly 700,000 shops, restaurants, hotels, hair salons, gyms and other businesses in England. They will be distributed directly to firms by local authorities from April and will replace the current monthly grant system.
Martin Johnson, partner at Torgersens said; ‘We welcome this news with cautious optimism, noting that this may not be ‘new’ money, as it seems it will replace current local authority help.’
The information provided in this blog is for general informational purposes only and should not be considered professional advice. As far as we are aware, the content is accurate at time of publication. Torgersens assumes no responsibility for errors or omissions in the content or for any actions taken based on the information provided.
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