Government extends business rates holiday to all hospitality businesses

By Stefan Chomka contact

- Last updated on GMT

Government extends business rates holiday to all hospitality businesses

Related tags: Coronavirus, Restaurant, UnitedWeStand

The government has announced that the business rates holiday is to be extended to all businesses in the retail, leisure and hospitality sector for the next 12 months, to help those struggling with the ongoing Coronavirus.

At a press conference held this afternoon (17 March) Chancellor Rishi Sunak also pledged to make £330bn of capital available for businesses through government-backed loans.

He said the money would be delivered as part of loan guarantees, with large companies able access to funds from a new lending facility with the Bank of England.

Small and medium-sized operators will be able to access an extended business interruption loan scheme, which will now provide loans of up to £5m with no interest payable for six months.

Describing the latest move as doing “whatever it takes,” the Chancellor said that if the demand for loans proved greater than the £30bn sum he would “provide as much capacity as required”.

Addressing hospitality’s concerns over insurance, the Chancellor said that businesses that did have a policy in place to cover a pandemic will be allowed to make a claim for Coronavirus under their insurance policy, although he acknowledged that many businesses would not be covered by such terms.

Responding to a question from the press, Prime Minister Boris Johnson said that where businesses have insurance policies that involve a payout if they are compelled to close, the government had reached an agreement with insurers so that businesses will be able to make a claim under the current government action - though this has been disputed.

The Chancellor said he will "go much further" to support jobs and incomes is expected to announce additional measures in the coming days.

Related topics: Business & Legislation

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