Home Government Announces £330 billion rescue package for businesses affected by COVID-19

Government Announces £330 billion rescue package for businesses affected by COVID-19

Latest Update from VisitBritain/VisitEngland

Update: 17th March 2020 @ 19:40

As you will know from our newsletters, we have been closely monitoring the COVID-19 outbreak, feeding in industry concerns to Government via the Tourism Industry Emergency Response Group and sharing any practical advice as soon as it becomes available.

Today, the Prime Minister, Rt Hon Boris Johnson MP, and the Chancellor of the Exchequer, Rt Hon Rishi Sunak MP, have announced a £330 billion financial rescue package to support and protect businesses affected by COVID-19 including those in the retail, hospitality and leisure sectors.

This includes:

  • £330 billion of government-backed loans and guarantees that will be available from next week
  • A package of support for airports and airlines to be announced in the coming days by the Secretary of State for Transport
  • Stated Government actions are sufficient to trigger payments for those businesses with pandemic insurance
  • For the hospitality and leisure sector there will be a business rates holiday and a £25k cash grant per retail and leisure business for those without specific pandemic insurance
  • Strengthened support for people. In addition to the measures in the budget, mortgage lenders will offer a three-month "mortgage holiday" for those in financial difficulty due to the COVID-19 outbreak

The new measures are in addition to the £12 billion announced to support businesses in the budget last week and follows earlier announcements this week by Government on travel and the need for people to practice "social distancing" to avoid spreading the virus.

We will keep you updated on the practicalities around this announcement and share official advice and support as soon as it becomes available - please see our regularly updated webpage for the latest information and advice on COVID-19 for businesses and industry and links to Government advice.

Visit VisitBritain's Covid-19 website

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