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Economic Development

Chancellor Rishi Sunak to announce new business support package after third lockdown announced

No mention was made of business support by Prime Minister Boris Johnson last night as he plunged England into a third lockdown

Rishi Sunak, Chancellor of the Exchequer

Chancellor Rishi Sunak is to announce a fresh business support package to help firms through the third lockdown, the Government has said.

According to Michael Gove, the Chancellor will set out details of additional support later on Tuesday.

It comes after Prime Minister Boris Johnson confirmed the news of a new lockdown on Monday night in a live TV address - but made no mention of any new support for business.

Business owners have continued to sound the alarm about the new measures closing shops and issuing stay at home orders will have on their books.

Follow our live updates on Tuesday's statement and all of the business reaction here.

The new rules for England will replace the tier system and are expected to last until the middle of February, with people urged to stay at home except for a very limited number of reasons.

Those who cannot work thanks to coronavirus rules can still be furloughed under the current rules - which are due to end in the spring.

There are also ongoing loans, grants and tax rule relaxations for businesses and the self-employed.