New statistics demonstrate huge levels of support for businesses in Northumberland from central government. Over £200 billion has been provided to businesses and individuals across the UK.

Businesses across Northumberland have benefitted from £194 million worth of loans since the start of the coronavirus outbreak. This includes 5500 Bounce Back Loans – 100 per cent government-backed loans which are interest-free for the first 12 months – worth 151.3 million. The scheme ensures that small firms who need vital cash injections to keep operating can get finance in a matter of days, with no repayments due during the first 12 months.

In addition, 228 loans have been offered in Northumberland at a value of £42.6 million through the Coronavirus Business Interruption Scheme. This scheme has helped small and medium-sized businesses to access loans and other kinds of finance up to £5 million.

Across North East, a total of 39,991 Bounce Back Loans, worth £1.1 billion, and 1520 Coronavirus Business Interruption Loans, worth £344 million, have been provided to businesses to support businesses across all sectors, protecting jobs and livelihoods.

The Chancellor also announced on Friday that the government’s Job Support Scheme will be expanded to protect jobs and support businesses required to close their doors as a result of coronavirus restrictions, alongside increasing the cash grants to businesses in England required to shut in local lockdowns to support with fixed costs – worth up to £3,000 per month.

So far, the Government has provided over £200 billion throughout its economic response to coronavirus to support jobs and businesses in the UK.

Commenting, Council Cabinet Member for Northumberland Richard Wearmouth said:

“Every sector of the Northumbrian economy has unfortunately taken a hit as a result of this virus. From tourism and hospitality to manufacturing and offshore wind the year started so well with so much positive going on. Fortunately this government has provided support to ensure that businesses and employees don’t suffer more than they have to.

“The government’s levelling up agenda has never been more important for us here in Northumberland. Meanwhile I will continue to liaise with investors about prospects for economic investment and job creation to ensure that Northumberland can come out of this crisis with good news to report.”

Chancellor of the Exchequer Rishi Sunak said:

“Our support for businesses and workers has provided a lifeline to employers up and down the country, supporting people to stay in jobs and protecting livelihoods.

“We will build on this as we move to the next stage of our recovery through the Winter Economy Plan, which will continue to protect jobs and help businesses through the months ahead.”