Question to the HM Treasury:
To ask Her Majesty's Government how they intend to support creative industries businesses whose premises have a rateable value higher than £51,000.
The Government has provided enhanced support to the retail, hospitality and leisure sectors through business rates relief given the direct and acute impacts of the COVID-19 pandemic on those sectors. The Ministry for Housing, Communities and Local Government published updated guidance on 25 March.
A range of further measures to support all businesses, including those not eligible for the business rates holiday, such as creative industry businesses, has also been made available. For example, the Government has launched the Coronavirus Job Retention Scheme to help firms continue to keep people in employment and the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank, backed by an 80% Government guarantee, and is deferring VAT payments for this quarter.
The Government will consider any further financial assistance necessary to help businesses get through this period.