UK Government helps over 79,000 business in Scotland

UK Houses of Parliement, London
  • More than 76,000 loans worth more than £2.1 billion have been offered under the Bounce Back Loans Scheme
  • More than 3,300 loans worth £758 million have been offered under the Coronavirus Business Interruption Loan Scheme
  • 126,000 people in the region have benefitted from the Self Employment Income Support Scheme.

BUSINESSES in Scotland benefitted from more than £2.9 billion of government support to protect and support jobs across the region, new figures released today show.

More than 76,000 loans have supported businesses across all sectors, protecting jobs. But the retail and construction sectors have benefitted the most, demonstrating how government support helped those businesses that were impacted hardest by the pandemic, helping to keep people in work.

Similarly, the Self Employment Income Support Scheme has benefitted business people across all sectors, with 126,000 people in Scotland benefitting from SEISS, with an average claim of £2,500.

The Chancellor of the Exchequer, Rishi Sunak, said:

“We have provided unprecedented support for businesses and workers up and down the country, protecting jobs and livelihoods.

“Throughout this crisis my priority has always been to protect jobs, and at the Winter Economy Plan, we provided additional help to get businesses through the months ahead.”

The Chancellor also announced on Friday that the government’s Job Support Scheme will be expanded to protect jobs and support businesses required to close their doors as a result of coronavirus restrictions.

Companies across the region including have benefitted from support through government-backed loans, including Macs Adventure, Renfrewshire Electronics and Kintore Dental Practice.

Neil Lapping, Chief Adventure Officer at Macs Adventure, said:

“As an internationally focused tour operator Macs Adventure was hit early and hard by the COVID-19 outbreak and faces a long road back to business as normal. The fast turnaround and hassle-free handling of our application by Barclays was hugely helpful as we deal with the operational issues of supporting our team, customers and suppliers. The loan we have secured from Barclays will enable us to continue to trade through 2020, protect jobs and restart and rebuild our business in 2021.”

Scottish Secretary Alistair Jack 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.”

As part of the Winter Economy Plan, the Chancellor announced that more than a million businesses who took out a Bounce Back Loan will now receive further protection from the Covid crisis through flexible repayments, under the new Pay as You Grow system, which gives businesses more time to repay. The Winter Economy Plan will continue to protect jobs and help businesses through the uncertain months ahead as we adopt a new response to the virus, including through extending the Self Employment Income Support Scheme and 15% VAT cut for the hospitality and tourism sectors.

The latest stories