New statistics showing the huge Government support to individuals and businesses in Wolverhampton South West have been welcomed by local MP, Stuart Anderson.
Throughout the Coronavirus pandemic, the Government has provided an unprecedented package of support to protect both lives and livelihoods through this incredibly challenging period. In total, more than £160 billion has been provided as part of the Government’s economic response to coronavirus. The latest statistics from the Treasury now show the scale of that support in Wolverhampton South West.
In Wolverhampton South West:
- 10,700 people have had their job retained through the Job Retention Scheme, which has allowed employers to furlough workers while the Government has provided up to 80 per cent of their wages (figures up to 30 June). A one-off payment to employers of £1,000 for employees they previously claimed for under the scheme and remain continuously employed to the 31st of January 2021 will be able to claim the Job Retention Bonus from February 2021.
- 2,700 self-employed people have been supported via the Self-employment Income Scheme (figures up to 30 June). Self-employed people in Wolverhampton South West have accessed £7,100,000 worth of Government grants, which do not need to be paid back, to cover lost earnings.
- 1513 local businesses have been aided through offers of government-backed Bounce Back Loans, whilst separately supporting local businesses through offers of 39 government-backed Coronavirus Business Interruption Loan Scheme facilities (figures up to 02 August). £47,634,523 has been paid out in the form of Bounce Back Loans, which provides loans of up to £50,000 within days of an application.
- £17,245,000.00 worth of grants has been handed out to businesses in Wolverhampton South West, which do not need to be paid back. 1479 local businesses have received cash grants of up to £25,000 (figures up to 05 July).
- This includes 584 local businesses in the retail, hospitality and leisure sector and 9 nurseries that will pay no business rates this year (figures up to 05 July) and
This unprecedented package of support comes on top of the 3,770 loans offered to businesses across the West Midlands, worth £871,365,361.
While much of this support has been focused on supporting people through the immediate crisis, the Government has recently set out the next phase of its economic response. In June, the Prime Minister unveiled the New Deal for Britain – accelerating billions of pounds worth of infrastructure projects to get the country building and kickstart the economy – followed by the Chancellor’s Plan for Jobs in July, which set out how the Government intends to create, protect and support jobs in the months ahead, backed by up to £30 billion.
Commenting, Stuart Anderson MP said: “This year has been hugely challenging for people and businesses in Wolverhampton South West. During the parliamentary summer recess, I have been out and about meeting some of our local traders and entrepreneurs and have been impressed by how well they have responded to this undeniably challenging situation. As a new MP elected just under eight months ago, I have been working hard to ensure that our great city can emerge from this virus as strong as possible. These latest figures demonstrate the scale of support that the Government has put in place to support lives and local livelihoods.
“As we now work to restart our economy, I have no doubt that the Government will continue to support people in our local community. Schemes such as the hugely popular Eat Out to Help Out are already proving a huge success at getting customers back into local businesses. Never has our agenda to level up the whole county been so important – giving businesses the confidence to retain and hire, create jobs and ensure young people have the opportunity of a better start in Wolverhampton South West.”
Chancellor of the Exchequer Rishi Sunak said: “I recently set out the government’s next steps towards economic recovery and securing the UK’s long-term prosperity in our Plan for Jobs. As we embark on this next phase, the latest figures demonstrate that we are continuing to support jobs, incomes, and businesses across every part of the UK.”