Scottish businesses handed more than £2.9 billion in UK Government support

Scottish businesses have benefited from more than £2.9 billion of UK Government support.

Thursday, 15th October 2020, 7:00 am
The UK Government have handed Scottish businesses more than  £2.9 billion in support
The UK Government have handed Scottish businesses more than £2.9 billion in support

New figures released today show more than 76,000 businesses were supported under the Bounce Back Loan Scheme, with funding of around £2.1 billion.

Another 3,330 loans worth £758 million were offered under the Coronavirus Business Interruption Loan Scheme, which aims to support struggling small and medium-sized firms.The scheme sees the UK Government guarantee 80 per cent of the finance to the lender as well as pay interest and any fees for the first 12 months.A further 126,000 people in Scotland benefited from the Self Employment Income Support Scheme, with an average claim of £2,500.

Sign up to our daily newsletter

The i newsletter cut through the noise

Read More

Read More
Rishi Sunak unveils new furlough wage extension for businesses forced to close

Chancellor Rishi Sunak hailed the figures, and suggested the support was just the start.

He said: “Our support for businesses and workers has provided a lifeline to employers up and down the country, supporting people to stay in jobs and protecting livelihoods.

“We will build on this as we move to the next stage of our recovery through the Winter Economy Plan, which will continue to protect jobs and help businesses through the months ahead.”

Companies across Scotland that have received support through government-backed loans include Macs Adventure, Renfrewshire Electronics and Kintore Dental Practice.

The support was also praised by Scottish Secretary Alistair Jack, who insisted it showed the benefit of being in the UK.

He said:“The UK Government is doing all it can to stop the spread of coronavirus and to help Scotland’s economy through these turbulent times.

“Providing more than £2.9 billion in loans to 79,000 Scottish businesses is a key part of this.

“We are also supporting nearly half a million people in Scotland through our job schemes and have committed a further £9 billion to help employers keep workers on.”

“The unprecedented package of measures we have put in place to support all parts of the country shows the clear benefits for Scotland being part of a strong United Kingdom.”

It comes weeks after Mr Sunak unveiled his replacement for the furlough scheme in a sombre address where admitted “no Chancellor” could save every job.

The scheme has now been expanded to see the UK Government also pay two thirds of employees’ salaries for firms legally required to shut for some period over the winter.

 0 comments

Want to join the conversation? Please or to comment on this article.