Matthew has welcomed new statistics showing the huge Government support to individuals and businesses in Hendon.
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 Hendon:
- 22,700 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 Hendon have accessed £32,900,000 worth of Government grants, which do not need to be paid back, to cover lost earnings.
- £127,233,325 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.
- £18,400,000 worth of grants has been handed out to businesses in Hendon, which do not need to be paid back.
This unprecedented package of support comes on top of the 7,790 loans offered to businesses across London, worth £2,001,937,526.
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.
Commenting, Matthew said: “This year has been hugely challenging for people and businesses in the Hendon constituency and these latest figures demonstrate the scale of support that the Conservative Government has put in place to support lives and local livelihoods.
“As we now work to restart our economy, I have no doubt that the Government will continue to support people in our local community. Schemes such as the hugely popular Eat Out to Help Out are already proving a huge success at getting customers back into local businesses.
“Never has the Conservatives’ agenda to level up the whole county been so important – giving businesses the confidence to retain and hire, create jobs and ensure young people have the opportunity of a better start in Hendon and across the country.”
Chancellor of the Exchequer Rishi Sunak said: “I recently set out the government’s next steps towards economic recovery and securing the UK’s long-term prosperity in our Plan for Jobs.
“As we embark on this next phase, the latest figures demonstrate that we are continuing to support jobs, incomes, and businesses across every part of the UK.”