New statistics showing the huge Government support to individuals and businesses in Newbury.
Throughout the coronavirus pandemic, the Conservative Government has provided a huge and unprecedented package of support to protect both lives and livelihoods through this incredibly challenging period. In total, more than £160 billion has been provided as part of the Government’s economic response to coronavirus, and the latest statistics from the Treasury now show the scale of that support in Newbury:
- 15,000 people have had their job protected through the Job Retention Scheme, which has allowed employers to furlough workers while the Government has provided up to 80 per cent of their wages.
- Self-employed people in Newbury have accessed 13,500,000 worth of Government grants, which do not need to be paid back, to cover lost earnings.
- 50,582,967 has been paid out to local businesses in the form of Bounce Back Loans, which provides loans of up to £50,000 within days of an application.
- £22,555,000.00 worth of grants has been handed out to businesses in Newbury which do not need to be paid back.
This unprecedented package of support comes on top of the 7,376 of loans offered to businesses across South East worth 1,585,052,125.
While much of this support has been focused on supporting people through the immediate crisis, the Government has recently set out the next phase of its economic response. In June, the Prime Minister unveiled the New Deal for Britain – accelerating billions of pounds worth of infrastructure projects to get the country building and kickstart the economy – followed by the Chancellor’s Plan for Jobs in July, which set out how the Government intends to create, protect and support jobs in the months ahead, backed by up to £30 billion.
Chancellor of the Exchequer Rishi Sunak said:
“I recently set out the government’s next steps towards economic recovery and securing the UK’s long-term prosperity in our Plan for Jobs.
“As we embark on this next phase, the latest figures demonstrate that we are continuing to support jobs, incomes, and businesses across every part of the UK.”
- 15,000 people in Newbury have had their jobs protected by the Government through the coronavirus pandemic.
- £22,555,000.00 worth of grants provided to local businesses.
- In total, more than £160 billion of Government support has been provided to help individuals and businesses in all parts of the UK.