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2/ Any business who needs access to cash will be able to access a government-backed loan, on attractive terms.
If demand is greater than the initial £330bn I’m making available today, I will go further and provide as much capacity as required.
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4/ I announced last week that for businesses in the retail, hospitality and leisure sectors, with a rateable value of less than £51,000, they will pay no business rates this year.
Today, I provided those businesses with an additional cash grant of up to £25,000 per business.
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3/ To support lending to small and medium sized businesses, I am extending the new Business Interruption Loan Scheme I announced at the Budget last week, so that rather than loans of £1.2m, it will now provide loans of up to £5m, with no interest due for the first six months.
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5/ I am also extending the business rates holiday to all businesses in those sectors, irrespective of rateable value.
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8/ Following discussions with industry, I can announce today that for those in difficulty due to coronavirus, mortgage lenders will offer a three month mortgage holiday – so that people will not have to pay a penny towards their mortgage while they get back on their feet.
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7/ I also announced last week that we would be providing £3,000 grants to the 700,000 of our smallest businesses.
To support their cash flow, today I can increase those grants to £10,000.
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6/ That means every single business in the retail, hospitality or leisure sector will pay no business rates whatsoever for 12 months, and if they have a rateable value of less than £51,000, they can now get a cash grant as well.
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9/ In the coming days, I will go much further to support people’s financial security. In particular, I will work with trade unions and businesses to urgently develop new forms of employment support to help protect people’s jobs and incomes through this period.
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10/ The measures I have announced today are part of a comprehensive, coordinated and coherent response to what is a serious and evolving economic situation.
These are only the first steps – I will set out the next stage of our response in the coming days.
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11/ Read the full text of my speech here: gov.uk/government/spe… #COVID19
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Whatever it takes. #COVID19
gov.uk/government/new…
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To support nurseries at this time, we have decided that they will also be eligible for a business rates holiday for one year from 1 April.
Local authorities will be fully compensated for the cost of this and we are applying the Barnett formula to the additional support. #COVID19
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- Emergency legislation to suspend new evictions
- No new possession proceedings
- 3 month mortgage payment holiday extended to Buy to Let mortgages.
No renter who's lost income due to coronavirus will be forced out of their home, nor will any landlord face unmanageable debts. twitter.com/RobertJenrick/…
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Reforms to IR35 have been delayed by 12 months as part of the government’s #COVID19 economic response package.
gov.uk/government/new…
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If you’re facing cash flow issues, we’re providing loans of up to £5million for small or medium-sized businesses, with no interest to pay for 6 months.
Available from next week. More information including which partners will provide the loans here: british-business-bank.co.uk/ourpartners/co…
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If you are self-employed or own a business and you are concerned about not being able to pay your tax bills because of COVID-19, you may be eligible for support through the HMRC Time to Pay service.
More information including the new HMRC helpline here: gov.uk/government/new….
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We're working round the clock to deliver further support to individuals and families whose jobs and incomes will be affected by COVID-19.
We are in this together, and will all have to play our part which is why today’s meeting with business groups and unions was so important.
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1/ Getting through this will require a collective national effort, with a role for everyone to play. It’s on all of us.
Our Plan for People’s Jobs and Incomes is a combination of measures unprecedented for a government of this nation. The first part is to protect people’s jobs.
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2/ For the first time in our history, the British government is going to step in and help pay people’s wages.
Government grants will cover 80% of the salary of retained workers, up to a total of £2,500 a month, that’s above UK median earnings level.
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3/ The scheme, open to any employer in the country, will cover the cost of wages backdated to March 1st and will be open before the end of April for at least 3 months.
There's no limit on the funding available for the scheme, we will pay to support as many jobs as needed.
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4/ Many businesses are hurting now and I can announce that the Coronavirus Business Interruption Loan Scheme will not be interest-free, as previously planned, for 6 months – it will be for twelve months.
Those loans will now be available on Monday. british-business-bank.co.uk/ourpartners/co…
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6/ We are already seeing some job losses. Today I’m increasing the Universal Credit standard allowance, for the next 12 months, by £1,000 a year. I’m increasing the Working Tax Credit basic element by the same amount.
These measures will benefit just over 4 million households.
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5/ To help businesses keep people in work, I'm deferring the next quarter of VAT payments.
No business will pay VAT from now to mid June. You'll have until the end of the financial year to repay those bills. That's an over £30bn injection to businesses equivalent to 1.5% of GDP
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7/ I’m also strengthening the safety net for self-employed people by suspending the minimum income floor.
That means self-employed people can now access, in full, Universal Credit at a rate equivalent to Statutory Sick Pay for employees.
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8/ Taken together, I’m announcing over £6bn of extra support through the welfare system.
And to further support the self-employed through the tax system, I’m announcing today that the next self-assessment payments will be deferred until Jan 2021.
Prime Minister of the United Kingdom 🇬🇧
@Conservatives leader.
MP for Richmond (Yorks).