UK Chancellor of the Exchequer Rishi Sunak unveiled an unprecedented £330bn loan scheme to support businesses, and another £20bn in direct cash support.
Following calls from spokespeople across the hospitality industry including ASAP CEO James Foice, UK Chancellor of the Exchequer Rishi Sunak announced a raft of financial measures which will help shore up the sector and keep the economy moving, during the Coronavirus pandemic.
Saying the government will do “whatever it takes” and will put the country on a “wartime” footing. Sunak unveiled an unprecedented £330bn loan scheme to support businesses, and another £20bn in direct cash support.
Importantly, Sunak said that he would give all retail, hospitality and leisure businesses a one-year holiday from their business rates bills, and confirmed that anyone with business interruption insurance will now be able to claim on this – even though government policy is currently to advise consumers not to go to pubs, bars and hotels, rather than stopping the premises opening at all.
James Foice, ASAP CEO, says: "It is good news that our UK Members and others in the wider industry are now able to save on business rates, and that they can also claim on any suitable insurance policies they have for the ongoing impact on their businesses. We see this as a sign of a supportive government realising the benefit of a healthy hospitality industry when it comes to rebuilding the economy post-Coronavirus. When travel restrictions globally are lifted, we definitely need to be ready to welcome the world back in."
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
