Ahead of the upcoming 2021 budget, Rishi Sunak has pledged £5 billion to help the High Street and hospitality recover from the pandemic.

The chancellor said that the government would dish out grants worth up to £18,000 per business.

700,000 businesses, including retail shops, restaurants, hotels, gyms, and salons will be eligible for the new grants, which will be available from next month.


The Treasury said that the additional £5 billion takes the total spend on business grants up to £25 billion.

Speaking to the BBC, Sunak said that the scheme would help people “reopen their businesses” and said it was “the right thing to do now.”

The finance minister also described 2020 as an “incredibly difficult year” for the High Street and hospitality, claiming that the grants would give companies the “support they need to get them through, get them back on their feet.”

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