This briefing was updated on 27 March 2020.
The UK Government has announced an unprecedented stimulus package to help support businesses in the wake of the COVID-19 outbreak. These measures, originally announced by the Chancellor of the Exchequer in his budget on 11 March 2020, have rapidly expanded in the past days and weeks. The scenario is subject to constant (and rapid) change and the measures appear to have unlimited scope with both the UK Government and Bank of England encouraging businesses to open up a dialogue with them before making any long-term negative decisions. We will update this note once further details are known.
This note provides a summary of the key measures to help businesses which were announced by the UK Government as part of its response to the COVID-19 outbreak. In addition, although not covered by this note, there will be pre-existing measures (and potentially commercial insurance) that businesses may continue to rely upon in order to get through the current crisis. While focusing on measures in England, a number of them are pan-UK and the devolved parliaments have pledged to mirror the measures to the extent necessary. If you would like further details about any of these measures or wish to have an update on them, please do not hesitate in contacting a member of our team.
The UK Government's "COVID-19: support for businesses" hub is currently being kept up-to-date and is available by clicking here and is also sharing information through its Coronavirus Business Support page available by clicking here.
Travers Smith has a number of other COVID-19 related resources on our website that you might find useful, available by clicking here.