Eng "6.8 Trillion Won Invested to Support Businesses Affected by the 3rd Lockdown"

by Lee Minwoo

Published 05 Jan.2021 21:06(KST)

One-Time Subsidy Support Up to 13 Million KRW

British Prime Minister Boris Johnson announced the introduction of a third lockdown measure to prevent the spread of the novel coronavirus (COVID-19) in the England region during a national TV address at 10 Downing Street, London, on the 4th (local time). [Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] The UK government will provide approximately 7 trillion won in support to companies expected to be hit by the third lockdown measures to curb the spread of the novel coronavirus infection (COVID-19).

On the 5th (local time), according to major foreign media such as the BBC, UK Chancellor of the Exchequer Rishi Sunak announced a 4.6 billion pound (about 6.8 trillion won) corporate support plan. This is to support retail, hospitality, and leisure industry companies affected by the third lockdown measures against COVID-19. Accordingly, these companies will receive not only existing employment retention plans and business tax reductions but also a one-time grant of up to 9,000 pounds (about 13 million won).

Chancellor Sunak said, "This measure is to help businesses endure the coming months," adding, "Especially to maintain jobs so that employees can return when businesses reopen."

Earlier, UK Prime Minister Boris Johnson announced the introduction of the third lockdown across England in a nationwide broadcast speech the day before. Accordingly, unless there is a special reason, all residents in the England region must stay at home or work from home. However, going out is allowed for purchasing groceries and medicines, exercising, and other necessary reasons.

Pubs and restaurants will remain closed but takeout and delivery will be permitted. Other hospitality businesses and all non-essential shops must also close. The lockdown measures will be in effect until the 15th of next month.