Measures announced in Spring Budget 2020

In what the Office for Budget Responsibility called the “largest Budget giveaway since 1992”, Rishi Sunak announced business support measures worth billions. Events have moved quickly, though, and many of the specific measures announced have now been superceded or further extended.

Grants for businesses receiving SBRR or RRR

  • Businesses in England eligible for small business rate relief (SBRR) or rural rate relief (RRR) will receive a one-off cash grant of £10,000.
  • What next? This will be processed automatically by local authorities.

Statutory sick pay reclaim scheme for SMEs

  • Small-and medium-sized businesses and employers will be able to reclaim statutory sick pay (SSP) paid for sickness absence due to COVID-19.
  • The refund will cover up to two weeks’ SSP for each member of staff off work because of COVID-19.
  • It applies to all UK businesses that employed fewer than 250 employees as of 28 February 2020.
  • What next? Legislation needs to pass before details of how to apply can be published.

Interest rates

  • On 19 March 2020 the Bank of England cut interest rates to a historic low of 0.1%, having previously reduced them to 0.25% on the day of the Spring Budget.