VAT suspended for three months and extra loans in place to prevent coronavirus cash crisis
RISHI SUNAK has suspended VAT payments for three months as the government unveils its huge financial package to help British workers and businesses through the coronavirus crisis.
The Chancellor has relieved the pressure on firms by deferring the next quarter of VAT payments, worth more than £30 billion.Appealing to the British people to pull together, Mr Sunak vowed to "stand behind" the UK's workforce and its employers as he unveiled the Coronavirus Job Retention Scheme.Mr Sunak said: "To help businesses keep people in work, I'm deferring the next quarter of VAT payments.
"That means no business will pay VAT from now to mid June. You'll have until the end of the financial year to repay those bills."That's a direct injection of over £30bn of cash to businesses equivalent to 1.5 per cent of GDP."A loan scheme to help businesses will also now be interest free for a year, up from six months.
Speaking alongside Mr Sunak, Boris Johnson made the unprecedented announcement this evening ordering all venues to shut their doors as the Government tries to battle the outbreak.
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