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Rishi Sunak to unveil £5bn pandemic rescue fund for high streets in Budget

By Sarah Franks 28 February, 2021 2 mins read 368 Views

RISHI Sunak will unveil a £5billion rescue package for high streets this week.

Pubs, restaurants, shops and hair salons will get up to £18,000 each from a pandemic revival fund.


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Rishi Sunak to unveil £5bn pandemic rescue fund for high streets in Budget
Rishi Sunak will unveil a £5billion rescue package for high streets this week
Rishi Sunak to unveil £5bn pandemic rescue fund for high streets in Budget
The Budget will be held on Wednesday March 3, 2021

The Chancellor hopes it will breathe new life into nearly 700,000 businesses stricken by a year of Covid.

He will announce the “restart” grants in a bounce-back Budget.

The funding for traders will take total government backing for businesses to £25billion since the first lockdown began last March.

Mr Sunak said last night: “There’s now light at the end of the tunnel and this £5billion of extra cash grants will ensure our high streets can open their doors with optimism.”

Under the scheme 450,000 non-essential shops will get up to £6,000 per premises to help reopen.

More than 230,000 hotels, clubs, bars, gyms and leisure firms will be eligible for grants of up to £18,000.

The Chancellor will announce other measures to create jobs and kick-start the economy.

In a further boost, he is expected to freeze both beer and fuel duty.

But he will warn he will soon start clawing back the £280billion he has borrowed to prop up the economy.

His second Budget will set out a pathway for raising corporation tax in stages from 19 to 23 per cent.

Mr Sunak will use Wednesday’s speech to “level with people” about the “enormous strains” the pandemic has put on public finances.


Rishi Sunak to unveil £5bn pandemic rescue fund for high streets in Budget
Under the Chancellor’s scheme 450,000 non-essential shops will get up to £6,000 per premises to help reopen
Rishi Sunak to unveil £5bn pandemic rescue fund for high streets in Budget
Beer duty is expected to be frozen to give pubs a flying start when lockdown is lifted

He is also considering a stealth rise in income tax by freezing the thresholds where people start paying basic and higher rates, pushing 1.6million people into a higher tax bracket by the end of the parliament.

But he risks a backlash from 48 “red wall” Tory MPs who are campaigning for cuts in business rates.

Mr Sunak, 40, admitted his first year in the job has been “tough”.


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