Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of introducing an individualised financial support package for different sectors of the economy based on the respective effects of covid-19 outbreak on those sectors.

The Government has provided one of the most comprehensive and generous packages of support for businesses globally. The Chancellor recently extended the furlough scheme until the end of October and a host of other support measures are still available for businesses in all sectors.

In addition, the Government has implemented targeted measures for specific sectors where it has believed it was necessary. For example, small businesses occupying properties for retail, hospitality or leisure purposes can benefit from £25,000 per property for each property that has a rateable value above £15,000 and below £51,000. Eligible businesses in the retail, leisure and hospitality in England can also benefit from a 12-month business rates holiday. Also, on 5 July the Government announced that Britain’s arts, culture and heritage industries will receive a world-leading £1.57 billion rescue package.

Additionally, on 8 July the Chancellor announced further sectoral support for businesses including, but not limited to:

• A reduction in the VAT rate to 5% for accommodation, attractions and the hospitality sector for a 6-month period
• The Eat Out to Help scheme which will support 129,000 businesses in the hospitality sector.
• £1.1 million for the creation of the Construction Talent Retention Scheme to help businesses in the construction industry retain employees.
• An additional £450 million boost to the Short Term Home Building Fund, and a confirmation of the £400 million Brownfield Land Fund and £12.2 billion Affordable Homes Programme to support the housing industry.

As we cautiously reopen closed sectors of the economy the Government will continue to review the economic situation and provide further support for specific sectors if it believes it is appropriate.