Chancellor to announce further cash business grants

The Chancellor, Rishi Sunak, is set to unveil a new ‘Restart Grant’ to help high street businesses reopen as restrictions are lifted under the Prime Minster’s roadmap out of lockdown.

Ahead of the Spring 2021 Budget announcement on Wednesday (3 March), £5 billion is set to be announced, with hair and beauty salons eligible. The grants could be worth up to £18,000 per premises – further details of the amounts and application process are yet to fully revealed.

Rishi Sunak told The Mail on Sunday: “It’s been an incredibly difficult year for our high streets. […] We’re providing the support they need to get them through, get them back on their feet and get the tills ringing once again.”

The Treasury has estimated 230,000 firms will be able to claim for the higher band and 450,000 shops will also be able to apply, The Mail on Sunday has stated. Hospitality venues, hotels and gyms will also be eligible. The grants will be on top of £20 billion in cash grants already given during the pandemic.

The £5 billion sum will be available to businesses in England. Scotland, Wales and Northern Ireland will receive an extra £794 million in funding, too.

“Our local businesses have been hit hard, which is why we went big and went early with a multi-billion-pound package of support.”

“There’s now light at the end of the tunnel and this £5 billion will ensure our high streets can open with optimism,” Rishi Sunak stated.

More details are expected in the Budget announcement on Wednesday.