Business Round-up

Chancellor announces £1 billion support fund for businesses

On December 21, Chancellor Rishi Sunak unveiled a £1 billion support fund for businesses, which includes cash grants of up to £6,000 per premises for each eligible firm.

Mr Sunak said the government would also help certain firms with the cost of sick pay for COVID-19-related absences.

To support other businesses impacted by the Omicron variant of COVID-19 – such as those who supply the hospitality and leisure sectors. Additionally, the Chancellor announced an extra £30 million to help theatres and museums.

Mr Sunak said: 'We recognise that the spread of the Omicron variant means businesses in the hospitality and leisure sectors are facing huge uncertainty, at a crucial time.

'So, we're stepping in with £1 billion of support, including a new grant scheme, the reintroduction of the Statutory Sick Pay Rebate Scheme and further funding released through the Culture Recovery Fund.’

Climate Change Committee calls for higher tax on household gas

Following COP26, the Climate Change Committee (CCC) has urged the government to introduce a higher tax on household gas.

In its recommendation to the government, the Committee stated that taxes should be used to make fossil fuel heating more expensive to help reach the government's Net Zero ambitions.

The CCC also recommended that the Treasury initiate a review of the role of the tax system in delivering Net Zero, including the role of tax in achieving a higher and more consistent carbon price across the economy.

The CCC said that funding should be doubled so that key climate finance commitments can be properly adapted.