Sunak Announces £1bn In Financial Support For Hospitality Sector

The Chancellor of the Exchequer, Rishi Sunak, has announced that the government will be providing an additional £1 billion in financial support for businesses and venues in the hospitality sector. Soon, every business that is classified as a hospitality business will be able to claim a grant of up to £6,000 to help them to cope with any losses that may have occurred as a result of the coronavirus pandemic.

Omicron

The new variant, the Omicron variant, has had a significant impact on an industry that has already struggled so much during the pandemic.

Although the government has not announced any new restrictions regarding who can attend public places like bars and clubs, the increasing number of COVID cases has frightened people, and many people have decided to stop frequenting hospitality businesses and many restaurants have noticed that there has been a significant amount of cancellations.

This reduction in business has certainly harmed many businesses throughout the hospitality sector, many of whom have already had one of the worst fiscal years of their life as a result of the pandemic.

Loss Claims

With the new grant announced by Sunak, hospitality businesses may be able to claim up to £6,000 to help cover the losses over the Christmas period.

Many businesses have reported that their businesses have lost about 40-60% of their Christmas trade, which is usually the busiest time of year for businesses in the hospitality industry.

Rishi Sunak has also announced that there will be a £30 million top-up of the cultural recovery fund, which was created to tackle the crisis that COVID caused on many of the cultural businesses and venues of the UK.

With the threat of another lockdown looming, this grant may be able to keep many businesses afloat during another difficult period.