Monday, November 02, 2020

Supporting Business

Speaking at the Confederation of British Industry’s annual conference today, the Business Secretary promised to support businesses as we plan for the future, while providing support right now through these turbulent times.

  • The government has already provided over £200 billion of economic support, including support for jobs and businesses. This includes: protecting almost 10 million jobs with furlough; approving over 1 million Bounce Back Loans worth £40 billion; supporting 3 million self-employed people, worth £13.5 billion; cutting VAT for the hospitality and tourism sector; and waiving £10 billion of business rates.
  • The government will continue to ensure that our businesses and the economy can remain as resilient as possible through these difficult times. On Saturday, the Prime Minister announced further support to help businesses and protect jobs. These include an extension of the furlough scheme at 80 per cent until December, grants of up to £3,000 for premises that are forced to close, and £1.1 billion for local authorities to enable them to support businesses.
  • As Britain recovers from this horrible pandemic, it is important to unleash the potential of our whole nation - creating a more resilient, cleaner, greener economy, in which we have control of our own laws and trading policies, providing new opportunities for businesses across the UK, and delivering growth and jobs.

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