£5bn scheme for retail businesses

A £5 billion fund to support high street shops, hospitality and leisure businesses in England is to be announced.

In advance of the Budget on Wednesday, chancellor Rishi Sunak has revealed that the grants would help high street pubs, restaurants, and non-essential shops, giving them ‘the support they need to get them through, get them back on their feet’. 

Government borrowing stands at £2.71bn this financial, year, bringing the national debit to £2.13 trillion.

These ‘restart grants’, which may be worth up to £18,000 per eligible business, will, it is hoped, benefit nearly 700,000 shops, restaurants, hotels, hair salons, gyms and other businesses in England. They will be distributed directly to firms by local authorities from April and will replace the current monthly grant system.

Martin Johnson, partner at Torgersens said; ‘We welcome this news with cautious optimism, noting that this may not be ‘new’ money, as it seems it will replace current local authority help.’

About the Author

Martin Johnson

Partner

With expertise in advising family-owned companies on a range of tax, accountancy and business issues, Martin also has an in-depth knowledge of the automotive and property sectors. In addition, he provides advice on inheritance tax planning and financial management to owner-managed businesses.  Martin leads the firm in developing its expertise in the buy-to-let sector, advising both residential and commercial property owners on relevant tax and legislation issues. A further element to Martin’s role is to build Torgersens’ relationships with banks, financial advisors and specialists in commercial and employment law to ensure that the firm’s clients have access to market-leading guidance.  

To get in touch please e-mail martin.johnson@torgersens.com.