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UK chancellor announces £330bn of loans to support business

UK chancellor Rishi Sunak has announced up to £330bn worth of loans will be made available to businesses, to assist during the coronavirus crisis.

While the events industry was not mentioned specifically in a press conference held 17 March, the measures should apply to some organisations.

Following on from his first Budget last week, the UK chancellor has gone further to say no leisure, retail or hospitality organisations will pay business rates this year. These businesses will be entitled to cash injections of up to £25,000.

Whether the entire events industry can be classified under leisure or hospitality is contentious.

He went on to say that he is also making grants worth £10,000 available to the smallest firms.

To support liquidity among larger firms, the chancellor has agreed a facility with the Bank of England, and for smaller firms has had the business interruption loan scheme extended to them, with loans of up to £5m now available.

Both schemes will be available week commencing 23 March.

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