The UK Government will reportedly set aside £5 billion for a ‘restart grant’ fund for businesses to tide them over until the full repeal of Covid restrictions set for 21 June.
High street businesses such as shops, gyms, hospitality and more will be eligible for grants of as much as £18,000 under the new scheme, Chancellor Rishi Sunak has confirmed.
Speaking with Sky News, Sunak also confirmed that there is “more to come”, with the furlough scheme and other means of support expected to be extended until June.
The Chancellor told Sky News: “I said at the beginning of this crisis that I would do whatever it took to protect people, families and businesses through this crisis and I remain completely committed to that.
“The Prime Minister in the roadmap set out a path for us to recover and reopen and I want to support people and businesses along that path.
“I want to make sure people realise that we are going to be there to support them, and if you look at our track record we went big, we went early and there is more to come next week.”
Some are raising concerns about how the Government’s borrowing will affect the economy post-pandemic, however, as the national debt has now risen to well over £2 billion.
The BBC‘s Andrew Marr asked Sunak about his goal for the level of national debt, to which the Chancellor responded: “Given the scale of the shock we have experienced, this isn’t a problem we’re going to be able to fix overnight.
“The key thing right now is to keep supporting the economy, as we have been, keep providing that reassurance to families, and make sure that support is in place as we move through the roadmap.”