Business News Round Up (20/04/2020)
Chancellor announces £1.25 billion support package for innovative firms hit by coronavirus
The government has announced a new £1.25 billion coronavirus package to the UK’s most innovative start-ups struggling during lockdown. The comprehensive package includes a new £500 million loan scheme for high-growth firms, called the Future Fund, and £750 million of targeted support for small and medium sized businesses focusing on research and development. The move comes after the tech sector called for measures to be introduced to safeguard the future of businesses which are in the early stages of growth and being hit hard by lockdown measures.
Scottish Government establishes economic recovery advisory group
An independent advisory group has been set up to provide expert economic advice to the Scottish Government in response to the Covid-19 crisis.The group will provide urgent advice on the private sector and business aspects of the Scottish Government’s economic response. Membership will draw on leading expertise across regions and sectors, led by senior businessman and government strategic adviser Benny Higgins. Renowned academic Professor Sir Anton Muscatelli is one of the first appointees.
£200m worth of employment programmes secured
Ambitious plans designed to maintain adult education, skills and employment programmes worth £200 million across Greater Manchester during the coronavirus outbreak have been approved. Greater Manchester Combined Authority (GMCA) has confirmed the arrangements to provide financial certainty for local authorities, colleges, training providers and employment support partners. Those organisations can now continue to provide skills and employment programmes to residents. The agreement covers almost 100 contracts and funding agreements.
https://www.insidermedia.com/news/north-west/200m-worth-of-employment-programmes-secured
18,000 businesses benefit from coronavirus support grants
More than £215 million has been granted to over 18,000 Scottish business ratepayers to help businesses combat the effects of the coronavirus outbreak, according to new figures released by the Scottish Government. 59,385 applications were made to 32 local authorities for the business grants, with 18,528 grants awarded worth £215,445,000. The support has been allocated between two funds: the Small Business Support Grant scheme, which allows small businesses to apply for grants up to £10,000, and the Retail, Hospitality and Licensed Premises Support Grant, which allows businesses to apply for up to £25,000.