Industry bodies have dismissed the Treasury’s £4.6bn relief package for retail and hospitality businesses as nothing more than a “sticking plaster”.
The package, which was unveiled after the government placed England into a third national lockdown, has been criticised for failing to address long-term issues such as rent and business rates.
The biggest chunk of the package is a £4bn fund to support an estimated 600,000 retail and hospitality business sites on a “per-property basis”.
The one-off top-ups will be granted to closed businesses, with £4,000 for those with a rateable value of £15,000 or under; £6,000 for businesses with a rateable value between £15,000 and £51,000; and £9,000 for businesses with a rateable value of more than £51,000.
A further £594m is also being made available for local authorities and the devolved administrations to support businesses not eligible for grants…..