Measures announced on 17 March

At a press conference on 17 March, the Chancellor announced a package of support worth £350 billion – around 15% of the value of the entire UK economy.

It came upon the heels of a statement from the Prime Minister on 16 March which urged people to stop visiting cafes, pubs and restaurants.

It was intended to send a strong signal to British businesses not to act hastily in downsizing because support would be forthcoming.

Extension of business rate discount

  • All hospitality, leisure and retail venues in England, regardless of rateable value, can now claim a 100% discount on business rates for 12 months from 1 April 2020 to 31 March 2021.
  • Unoccupied properties that become vacant in the next 12 months will be charged 100% full rates from three months after they become empty.
  • What next? The discount will be applied automatically to the next council tax bill, due in April 2020.

Cash grants for very small businesses

  • Hospitality, leisure and retail businesses operating from units with rateable values between £15,000 and £51,000 will receive a grant of £25,000.
  • Businesses in these sectors with a rateable value of less than £15,000 will receive a grant of £10,000.
  • Those with a rateable value of more than £15,000 will receive £25,000.
  • Your local authority will contact you if you are eligible for this grant.
  • What next? Await notification from local authorities.
Author Name: 
Siobhan