Retail Trade: Coronavirus

Treasury written question – answered at on 30 March 2020.

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Photo of Lord Allen of Kensington Lord Allen of Kensington Labour

To ask Her Majesty's Government what plans they have to ensure that (1) retail workers, and (2) the retail sector, are compensated for loss of earnings and revenue resulting from the COVID-19 outbreak.

Photo of Lord Agnew of Oulton Lord Agnew of Oulton Minister of State (HM Treasury), Minister of State (Cabinet Office)

The government has unveiled a comprehensive and sizable package of direct fiscal support for business through tax relief and cash grants.

Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for 12 months, to support firms with costs and cashflow. This includes £25,000 for retail leisure and hospitality businesses up to £51,000 rateable value, and £10,000 for smaller retail, leisure and hospitality businesses, and several hundred thousand businesses eligible for small business or rural rate relief.

We will also support businesses by deferring Valued Added Tax (VAT) payments for 3 months, Taxpayers will be given until the end of the 2020-21 tax year to pay any liabilities that have accumulated during the deferral period. Retailers can also access other support mechanisms, including Coronavirus Business Interruption Loans.

Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying employees 80% of their wages, up to £2,500 per month, to safeguard workers from being made redundant.

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