Budget 2020: Bira welcomes emergency funds to help independent retailers through coronavirus crisis
Bira has welcomed the Chancellor’s emergency package to help small retail businesses amid the coronavirus crisis.
Chancellor of the Exchequer Rishi Sunak delivered his first Budget this afternoon (March 11) which included a £30bn package to help the UK economy respond to the coronavirus. He announced the outbreak will bring ‘significant impact’ in the short term.
Measures announced to help small retail businesses include:
- Business rates abolished for one year for retailers and cafe owners with a rateable value of below £51,000
- Sick pay payments refunded to small retail businesses with fewer than 250 staff for up to 14 days absence for anyone suspected to have coronavirus
- ‘Business interruption’ loans of up to £1.2 million for small retail businesses
- Any company eligible for small business rates relief (SBRR) or Rural Rate Relief may be eligible for a £3,000 cash grant
Elsewhere in the Budget, the Chancellor said the outdated business rates system would not be reformed until later in the year. Bira has campaigned for urgent reforms of the system and hoped to see plans for this outlined today. He did however, announce a £5bn investment in Broadband in the country’s hardest-to-reach areas.
Andrew Goodacre, Bira’s CEO, said: “We are delighted to see that the Chancellor listened to our concerns regarding the potential impact of Covid19. The retail discount being increased to 100%, the support with SSP and small business grants are all very welcome.
“We still have concerns for those retailers above the £51,000 threshold and believe that the threshold should be increased to include more smaller retailer businesses with less than 250 employees.”