The chancellor has announced 12-month business rates holidays for all retailers and pubs as part of a sweeping set of measures designed to support business in the face of the coronavirus outbreak.
Speaking at the government’s daily coronavirus press briefing from 10 Downing Street, the chancellor of the exchequer Rishi Sunak said he would be suspending the payment of business rates for all UK retailers, hospitality chains and theatres for 12-months.
Sunak also said that in order to offset the possibility of smaller businesses not being covered by insurance, he would provide cash grants of up to £25,000 per business to “help bridge through this period”.
In what effectively amounts to a second budget less than a week after delivering his first, Sunak unveiled a suite of government back loans and guarantees worth some £330bn, with the promise of more being made available should it be needed in the coming weeks and months.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
During December, registered users can access 24 free articles in our advent calendar - find it here or on the homepage.
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.