Travel agencies are in line for one-off retail grants of up to £9,000 per property as part of a wider set of business support measures announced by chancellor Rishi Sunak this morning.
A total of £4 billion will be provided to support retail, hospitality and leisure businesses through the latest Covid-19 restrictions and is expected to benefit more than 600,000 business properties across all nations of the UK.
The value of support is measured against the retail property’s rateable value.
A further £594 million is being made available for local authorities and the devolved administrations to support other businesses that are not eligible for the grants but might be affected by the restrictions.
The £4.6 billion financial package follows the Prime Minister’s announcement on Monday night (January 4) that these businesses will be closed until at least February half-term.
Travel companies have called for urgent sector-specific support for the industry in response to the third lockdown announced by prime minister Boris Johnson last night.
More: Third lockdown prompts plea for urgent government support
Sunak said: “Today we’re announcing a further cash injection to support businesses and jobs until the spring.
“This will help businesses to get through the months ahead – and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen.”
The new one-off grants come in addition to existing business support measures, including grants worth up to £3,000 for closed businesses, and up to £2,100 per month for affected businesses once they reopen.
The government has also provided 100% business rates relief for retail, hospitality and leisure businesses, £1.1 billion existing discretionary funding for local authorities, the furlough scheme extended to April and 100% government-backed loans, extended until March.
The one-off top-ups will be granted to closed businesses as follows:
• £4,000 for businesses with a rateable value of £15,000 or under
• £6,000 for businesses with a rateable value between £15,000 and £51,000
• £9,000 for businesses with a rateable value of over £51,000
Devolved administrations will receive additional funding:
• the Scottish government will receive £375 million
• the Welsh government will receive £227 million
• the Northern Ireland Executive will receive £127 million