Robert Largan backs £330 billion response to COVID-19

The Chancellor of the Exchequer has announced an initial £330 billion package of guarantees in response to the impact of coronavirus on the UK economy. 

This is equivalent to 15 per cent of the UK’s Gross Domestic Product (GDP). Any business which needs to improve its cashflow will be able to access a Government-backed loan on attractive terms. If demand is greater than the initial £330bn announced, the Government stands ready to go further.

To support lending to small and medium sized businesses, the Government is extending the new Business Interruption Loan Scheme announced at the Budget, so that it will now provide loans of up to £5 million—rather than the previous £1.2 million—with no interest due for the first six months.

High Peak businesses in the retail, hospitality and leisure sectors will pay no business rates whatsoever for 12 months. In addition, a cash grant of up to £25,000 per business will be made available to businesses in the retail, hospitality and leisure sectors with a rateable value of less than £51,000. There will also be grants of £10,000 to help 700,000 of the UK’s smallest businesses with cash flow.

For those in financial difficulty due to the coronavirus outbreak, mortgage lenders will offer a three-month mortgage holiday. This means people will not have to pay a penny towards their mortgage while they get back on their feet.

In the coming days, the Government 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.

Robert Largan MP commented:

“The retail, hospitality and leisure sectors are essential for the well-being of our local businesses and communities in the High Peak.

“That is why I will keep putting pressure on the Government to do whatever it takes to support your jobs, incomes, and businesses, and help you protect your loved ones.

“Together, I know the High Peak and the country will get through this.”