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Written question asked by Adam Afriyie (Conservative) on Tuesday, 25 January 2022, in the House of Commons. It was due for an answer on Thursday, 27 January 2022. It was answered by Helen Whately (Conservative) on Wednesday, 2 February 2022 on behalf of the Treasury.

Service Industries: Coronavirus

Question

To ask the Chancellor of the Exchequer, what steps his Department is taking to help the retail, hospitality and leisure sectors recover from the covid-19 outbreak.

Answer

In December, Government announced a £1bn package of support for businesses impacted by the Omicron variant, including grants worth up to £6,000 for businesses in the hospitality and leisure sectors.

These measures are just the latest action taken to safeguard businesses and jobs and is in addition to:

  • business rates relief meaning that the majority of businesses in the retail, hospitality and leisure sectors will see a 75% reduction in their business rates bill across the entire financial year and a new 50% capped business rates relief next financial year;
  • a 12.5% reduced rate of VAT for hospitality and tourism;
  • access to finance for SMEs through the Recovery Loan Scheme to June; and
  • Bounce Back Loan repayment flexibility, with borrowers having the option to take a 6 month repayment holiday, three 6 month interest only periods or extend their loan to 10 years, which almost halves the monthly payment.

Thanks to our decisive action to implement balanced and proportionate measures in response to the Omicron variant, Cabinet has decided to return to Plan A in England.

Secondary information

Type
Written question
Reference
111531
Session
2021-22
Subjects
Leisure Government assistance Service industries Coronavirus Hospitality industry
Link
View this Written question on www.parliament.uk