Thousands of Bristol businesses have been thrown a lifeline after chancellor Rishi Sunak unveiled a package to help firms suffering from the coronavirus shutdown.
The chancellor announced the firms with a rateable value of below £51,000, who already do not have to pay business rates this year, will be given a cash grant of £25,000 per business.
He said government- backed loans of up to £5m with no interest for the first six months would be made available, while the business rates holiday will extend to all firms in the retail, hospitality and leisure centres.
“That means every single shop, pub, music venue, restaurant and any other business in the retail hospitality or leisure sector will pay no business rates whatsoever for 12 months,” he said.
Mr Sunak addressed concerns about insurance cover claims, with critics warning that because there was no actual ban in people visiting social venues affected businesses would struggle to claim it on insurance.
“Following the change for medical advice yesterday, there are concerns about the impact on pubs, clubs, theatres, and other hospitality, leisure and retail venues,”he said.
The smallest firms will also be able to access grants worth £10,000.
On a large scale, the chancellor - who only delivered his first budget last week, said £330bn of loan guarantees - equivalent to 15 per cent of GDP - would be made available.
“Any business who needs access to cash...will be able to access government-backed loans on attractive terms,” he said.
During his daily press conference, Boris Johnson said more “extreme measures” may be needed to protect lives in the future.
“We must act like any wartime government and do whatever it takes to support the economy," he said.
There was also news for homeowners after Mr Sunak announced for those in financial difficulty due to coronavirus, mortgage lenders will offer a three-month mortgage holiday.
This afternoon it was confirmed there had been a further 14 deaths - with a 45-year-old among the victims. There are now 1,950 confirmed cases but the real figure is likely to stand at around 55,000.
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