Chancellor Rishi Sunak responds to COVID-19

Please see attached our summary of the economic measures announced by the Chancellor Rishi Sunak to respond to the COVID-19 crisis.

Chancellor Rishi Sunak assures business

Some key announcements most relevant to business:

🚩Business rates holiday to all businesses, irrespective of rateable value – for many businesses no rates for 12 months.

🚩£330bn of guaranteed loans offered to UK businesses, equivalent to 15% of GDP.

🚩Increase of Business Interruption Loan scheme from £1.2m to £5m, with no interest due in first six months.

🚩Businesses with insurance cover will be able to make claims if COVID-19 has led to their business closing temporarily.

🚩Increased cash flow loan to smallest businesses increased from £3k to £10k.

🚩Additional cash grant of £25k for small businesses in retail, hospitality and leisure sectors who do not have insurance cover.

To conclude Rishi Sunak is expected to bring more measures in the coming weeks.

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