To ask the Chancellor of the Exchequer, what recent assessment he has made of whether additional financial support is required by the travel industry due to the covid-19 outbreak.
21 May 2020
The Government has announced unprecedented support for business and workers to protect them against the current economic emergency including almost £300 billion of guarantees – equivalent to 15% of UK GDP. The travel industry, along with other businesses, may also benefit from a range of support measures including:
- A 12-month business rates holiday for all eligible retail, leisure and hospitality businesses in England
- Small business grant funding (SBGF) of £10,000 for all business in receipt of small business rate relief or rural rate relief
- The retail, hospitality and leisure grant fund (RHLGF)
- The Coronavirus Job Retention Scheme (CJRS)
- The Self Employment Income Support Scheme (SEISS)
- The Coronavirus Business Interruption Loan Scheme (CBILS)
- The Coronavirus Large Business Interruption Loan Scheme (CLBILS)
- The Bounce Back Loan Scheme (BBL) for small and micro enterprises
- VAT deferral for up to 12 months
- The Time To Pay scheme, through which businesses in financial distress, and with outstanding tax liabilities, can receive support with their tax affairs
- Protection for commercial leaseholders against automatic forfeiture for non-payment until June 30, 2020
The Business Support website provides further information about how businesses can access the support that has been made available, who is eligible and how to apply - https://www.businesssupport.gov.uk/coronavirus-business-support.
The Government’s economic strategy will be closely coordinated with the public health strategy to ensure a safe return to economic activity. We will continue to monitor developments to understand the economic impacts of COVID-19, including on industries and sectors, and consider how the Government can best support their recovery.