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Chancellor Bumps Up Grants For Non-Essential Retail, VAT Cut Extended

UK

Chancellor speaks on protection for businesses:

  • "We've been providing businesses with direct cash grants throughout the recent restrictions. These grants come to an end in March. I can announce today that we'll provide a new Restart Grant in April, to help businesses reopen and get going again. Non-essential retail businesses will open first, so they'll receive grants of up to £6,000 per premises. Hospitality and leisure businesses, including personal care and gyms, will open later, or be more impacted by restrictions when they do, so we'll give them grants of up to £18,000. That's £5bn of new grants; on top of the £20bn we've already provided; taking our total direct cash support to business to £25bn"
  • Additional GBP700mn for Arts, culture and sport.
  • On Business rates: "100% business rates holiday continues until end-June, for rest of fiscal year rates discounted by 2/3"
  • 5% reduced rate of VAT extended to end Sep to support hospitality. Won't go straight back to 20%, interim 12.5% until April 2022.
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