To ask Her Majesty's Government what plans they have to provide additional financial support to the aviation industry.
Answered on
24 November 2020
The aviation sector is crucial to the UK’s economy and businesses across the industry can draw on the unprecedented package of economic measures we have put in place during this time.
This includes a Bank of England scheme for firms to raise capital and the Coronavirus Business Interruption Loan Scheme which facilitates access to finance for businesses affected by the outbreak. HMRC is also ready to help all businesses and self-employed individuals, experiencing temporary financial difficulties due to coronavirus. Companies can access their “Time to Pay” arrangements, which eases restrictions with tax bills and VAT deferrals.
The Coronavirus Job Retention Scheme (CJRS) has also been available to support wages during this time. On 5 November, the Chancellor of the Exchequer announced that workers across the United Kingdom will benefit from increased support with a five-month extension of the CJRS until the end of March 2021, with employees receiving 80% of their current salary for hours not worked.