Chancellor announces £1 billion fund for businesses

Chancellor Rishi Sunak has unveiled a £1 billion support fund for businesses, which includes cash grants of up to £6,000 per premises for each eligible firm.

Mr Sunak said the government would also help certain firms with the cost of sick pay for coronavirus (COVID-19)-related absences.

To support other businesses impacted by the Omicron variant of COVID-19 – such as those who supply the hospitality and leisure sectors – the government is also giving more than £100 million in funding to the Additional Restrictions Grant (ARG) fund for local authorities in England.

Additionally, the Chancellor announced an extra £30 million to help theatres and museums.

Mr Sunak said: ‘We recognise that the spread of the Omicron variant means businesses in the hospitality and leisure sectors are facing huge uncertainty, at a crucial time.

‘So, we’re stepping in with £1 billion of support, including a new grant scheme, the reintroduction of the Statutory Sick Pay Rebate Scheme and further funding released through the Culture Recovery Fund.

‘Ultimately, the best thing we can do to support businesses is to get the virus under control, so I urge everyone to get boosted now.’

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