New statistics showing the huge Government support to individuals and businesses in Fareham:
Throughout the coronavirus pandemic, the Conservative Government has provided a huge and unprecedented package of support to protect both lives and livelihoods through this incredibly challenging period. In total, more than £160 billion has been provided as part of the Government’s economic response to coronavirus, and the latest statistics from the Treasury now show the scale of that support in Fareham:
• 13,500 people have had their job protected through the Job Retention Scheme, which has allowed employers to furlough workers while the Government has provided up to 80 per cent of their wages.
• Self-employed people in Fareham have accessed £11,300,000 worth of Government grants, which do not need to be paid back, to cover lost earnings.
• £46,818,151 has been paid out to local businesses in the form of Bounce Back Loans, which provides loans of up to £50,000 within days of an application.
• £17,187,500 worth of grants has been handed out to businesses in Fareham, which do not need to be paid back.
This unprecedented package of support comes on top of the 7,376 of loans offered to businesses across the South East, worth £1,585,052,125.
While much of this support has been focused on supporting people through the immediate crisis, the Government has recently set out the next phase of its economic response. In June, the Prime Minister unveiled the New Deal for Britain – accelerating billions of pounds worth of infrastructure projects to get the country building and kickstart the economy – followed by the Chancellor’s Plan for Jobs in July, which set out how the Government intends to create, protect and support jobs in the months ahead, backed by up to £30 billion