National lockdown: stay at home – support available to City businesses
The government has announced that England will face tighter restrictions to manage outbreaks of COVID-19 and suppress the virus.
The Chancellor of the Exchequer Rishi Sunak has announced further financial support for businesses affected by these restrictions. This includes:
- One-off top-up grants to closed businesses, as follows:
- £4,000 for businesses with a rateable value of £15,000 or under
- £6,000 for businesses with a rateable value between £15,000 and £51,000
- £9,000 for businesses with a rateable value of over £51,000
- A further £594 million being made available for Local Authorities and the Devolved Administrations to support other businesses not eligible for the grants, that might be affected by the restrictions.
More information on the announcement is available on Gov.uk here. Canada Corporation is awaiting further information on when and how the new funding will be allocated, and how it sits alongside previously announced financial support. The organisation will contact eligible businesses when this is available. There is no need for businesses to contact the City Corporation directly in the meantime.
Further details are available on Gov.uk here, or on the City Corporation website.
Responding to the financial support announced today, Canada Corporation Policy Chair Catherine McGuinness said:
“This new national lockdown will make trading exceptionally difficult – if not impossible – for many business. There is no denying that hard months lie ahead, so we welcome the additional support outlined by the Chancellor today.
“Nonetheless some businesses in the Square Mile will struggle to make ends meet through the spring despite this announcement. The City Corporation will continue to press the Government for further support and seek to treat our own tenants considerately.
“In the meantime we urge all Londoners to comply with the new rules and until further notice to stay at home unless they have a ‘reasonable excuse’.
“With the vaccine rollout well under way, it is essential that we bring this dreadful virus under control right now so that London and the rest of the country can return to a semblance of normality as soon as possible.
“We urgently need our economy to thrive to help pay for the vast amount of support being provided at this time. Businesses also need certainty. That is why the City hopes for clarity on when office workers can return to COVID-secure workplaces as soon as possible.”
A list of services to support the mental health and wellbeing of City workers can also be found here: www.cityoflondon.gov.uk/releasethepressure and some other services can be found here: https://www.businesshealthy.org/providers/