Snapshot from the Budget March 2020
Read through the headlines…more detail to follow
So to support them to manage their fixed costs, I am going to go a step further.
I am providing, to any business currently eligible for the small business rates relief, a £3,000 cash grant per business.
This is a £2bn cash injection direct to 700,000 of our smallest businesses.
Let me summarise for the House the fiscal impact of our immediate response to coronavirus.
Taken together, the extraordinary measures I have set out today represent £7bn to support the self-employed, businesses and vulnerable people.
To support the NHS and other public services, I am also setting aside a £5bn emergency response fund – and will go further if necessary.
Those measures are on top of plans that I will set out later in this Budget, which provide an additional fiscal loosening of £18bn to support the economy this year.
That means I am announcing today, in total, a £30bn fiscal stimulus to support British people, British jobs and British businesses through this moment.
And, of course, if further action is needed as the situation evolves – I hope the whole House knows, I will not hesitate to act.
I believe this represents one of the most comprehensive economic responses of any government anywhere in the world, to date.
The Governor of the Bank of England and I are in close contact with our counterparts, around the world, in the G7 and the G20.
And to support the global response, I’m also making new funding of £150m available for the IMF’s relief efforts.