News & Insights
Chancellor of Exchequer, Rishi Sunak, is expected to announce the lengthening of the two government support schemes in next month’s Budget.
The business rates relief measure, introduced at the end of March 2020, is currently due to expire at the end of next month along with the furlough scheme.
Struggling businesses in the hospitality, retail and leisure sectors have utilised the rates holiday to save on expenditure whilst footfall has been reduced during the pandemic.
At the same time, the furlough scheme was established to help closed businesses retain their staff whilst the government pays up to 80% of their wage. This had been previously extended in October, 2020.
It is also hoped that the commercial property eviction moratorium introduced by the government, which protected tenants unable to pay their rent from being evicted by their landlords, will be extended around the same time.
Companies will have to wait for the news to be made official in March. Many will also hope that further initiatives will be implemented that can support them until regular business operations can resume.
The Prime Minister, Boris Johnson, will address the nation on Monday 22nd February to detail the government’s roadmap out of lockdown and back into normality.