Thank you for contacting me about the night time economy.
I appreciate that it has been a particularly challenging time for many sectors of our economy, including those operating in the night time industry, as a result of the Covid-19 outbreak. I sympathise with anyone who is currently facing redundancy during this difficult time. Throughout the pandemic, I know that the Government has been working with local leaders to target outbreaks, and to put in place comprehensive support during national restrictions.
Recent developments have put pressure on businesses across the country. Businesses in the hospitality and leisure sectors in England will be eligible for one-off grants of up to £6,000. Further, more than £100 million discretionary funding for local authorities to support other businesses. The Government will also cover the cost of Statutory Sick Pay for absences due to Covid for small and medium-sized employers across the country.
The night time economy is hugely important to entertainment and culture in the UK, and it is the British economy's fifth-largest sector.
The Coronavirus Job Retention Scheme was a temporary, economy-wide measure designed to support businesses while widespread restrictions were in place. There were several extensions to the CJRS, including the final extension to the end of September.
Businesses can continue to benefit from financial support through the Recovery Loan Scheme which enables eligible businesses to apply for loans between £25,000 and £10 million with an 80 per cent Government guarantee. Once received, the finance can be used for any legitimate business purpose, including growth and investment.
Further support has included one-off top-up grants for retail, hospitality and leisure businesses forced to close worth up to £9,000 per property, Local Restriction Support Grants for closed businesses worth up to £3,000 a month per property, a £594 million discretionary fund to support other impacted businesses, a £1.1 billion further discretionary grant funding for Local Authorities, and one-off Restart Grants of up to £6,000 in the non-essential retail sector and up to £18,000 for hospitality, accommodation, leisure, personal care and gym businesses.
All retail, hospitality and leisure businesses also paid no business rates for the 2020-21 financial year, regardless of their rateable value and a 50 per cent business rates discount for companies in retail, hospitality, and leisure sectors for the year 2022-23. This relief applied to over 350,000 properties and is worth almost £10 billion.
I will continue to raise industry-specific concerns at the highest level to make sure that the Government is aware and I will follow any developments closely. I am keen for all hospitality businesses to receive continued support, and am keen to see an extension to a lower rate of VAT for such businesses.
Thank you again for taking the time to me.
