Governments worldwide are introducing measures to lessen the impact of the coronavirus pandemic on business.
All UK retail businesses are to have a 100% business rates holiday for the next 12 months as part of emergency measures by the Chancellor to shore up firms facing critical trading conditions thanks to coronavirus. HM Treasury also increased grants to UK small businesses eligible for Small Business Rate Relief from £3,000 to £10,000. Over £3.5 billion in additional funding has been made available for devolved administrations for support to businesses in Scotland, Wales and Northern Ireland. There's more detail here.
France has boldly said no company will be allowed to fail as a consequence of the virus. It introduced a €45 billion aid package for business and employees. Through an investment initiative €65 billion euros is available to support small and medium sized companies and healthcare systems across the region.
Germany has allocated €500 billion in loan guarantees, promising "unlimited liquidity" to businesses affected by coronavirus, while Italy has suspended mortgage payments to help ease the situation.
Government assistance is likely to be vital for small and medium sized merchants, retailers and merchants, among others, especially while nations adjust to working during varying levels of lockdowns. Build UK and CECA are among the associations warning about the impact of coronavirus (on construction projects in that instance).
Doubtless there will be calls for governments to do more and yesterday's statement by the UK Chancellor included a promise that more will be done if needed. If you have a view on what kind of assistance governments should be offering the fastener, tool and related industries, lets us know on our social media channels or email us at info@torque-expo.com.
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