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Birmingham Post
Birmingham Post
Business
Tom Houghton

Chancellor Rishi Sunak to announce new business support package after third lockdown announced

Chancellor Rishi Sunak is to announce a fresh business support package to help firms through the third lockdown, the Government has said.

According to Michael Gove, the Chancellor will set out details of additional support later on Tuesday.

It comes after Prime Minister Boris Johnson confirmed the news of a new lockdown on Monday night in a live TV address - but made no mention of any new support for business.

Business owners have continued to sound the alarm about the new measures closing shops and issuing stay at home orders will have on their books.

Follow our live updates on Tuesday's statement and all of the business reaction here.

The new rules for England will replace the tier system and are expected to last until the middle of February, with people urged to stay at home except for a very limited number of reasons.

Those who cannot work thanks to coronavirus rules can still be furloughed under the current rules - which are due to end in the spring.

There are also ongoing loans, grants and tax rule relaxations for businesses and the self-employed.

Chancellor Rishi Sunak unveiled his first a package of financial measures, including loans worth £330 billion, to help businesses through the coronavirus crisis, on March 17 last year.

Three days later Mr Sunak set out the coronavirus job protection scheme - furlough - with the Government covering 80% of the wages of staff not working, up to £2,500 a month.

Boris Johnson reveals new restrictions as he puts country into a third lockdown

Last October Mr Sunak announced that workers in pubs, restaurants and other businesses forced to close under new restrictions would have two-thirds of their wages paid by the Government.

In November Mr Sunak told the Commons that the jobs furlough scheme was being extended until the end of March in a major Government U-turn.

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