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Extra Business Support ‘Welcome but Necessary’

Greg has welcomed the recent Government announcement that hospitality, retail and leisure businesses will be entitled to a grant of up to £9,000 to help them through the UK’s lockdown.

Sir Greg was one of a number of MP’s who last year called for extra support for the hospitality sector and he has now praised the Chancellor for delivering more financial help but warns “more may be needed”.

Financial top-ups will now be given to closed businesses as part of a £4.6 billion support package announced by the Treasury.  The support comes in the wake of the latest lockdown measures and this new package is expected to help over 600,000 business across the UK, costing some £4 billion.

Sir Greg says: ‘These one-off top-ups will be granted to businesses, which are closed, as follows:-

•          £4,000 for businesses with a rateable value of £15,000 or under

•          £6,000 for businesses with a rateable value of between £15,000 and

           £51,000 and

•          £9,000 for businesses with a rateable value of over £51,000

Greg adds: ‘On top of this, another £594 million will be made available to local councils and devolved administrations to support those businesses which are not covered by the new grants’.

‘This new support package will go some way in helping businesses get through the months ahead and will also sustain some jobs.  This is particularly important for the local hospitality sector which has been hit very hard.’

Sir Greg cautioned that more help was likely to be necessary in the weeks ahead and said that the government should keep the situation “under regular review”.