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Written question asked by Matt Vickers (Conservative) on Wednesday, 2 February 2022, in the House of Commons. It was due for an answer on Friday, 4 February 2022. It was answered by Helen Whately (Conservative) on Thursday, 10 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. This included grants worth up to £6,000 for businesses in the hospitality and leisure sectors.

These measures are just the latest action we have taken to safeguard businesses and jobs and are 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 the Government’s decisive action to implement balanced and proportionate measures in response to the Omicron variant, Cabinet has decided to return to Plan A in England. This means the economy will get back to operating freely and businesses can recover more quickly.

Secondary information

Type
Written question
Reference
117103
Session
2021-22
Subjects
Leisure Government assistance Service industries Coronavirus Hospitality industry
Link
View this Written question on www.parliament.uk