Last week, we heard the details of the Budget, announced by the Chancellor. You can read the full document here and access all the key information here.
We welcome the £300 million support for culture, arts and heritage through the Culture Recovery Fund, £90m funding for museums, the continuation of the VAT Cut for Tourism and Hospitality and the extension of the furlough scheme and self-employment scheme until September.
We have produced a summary, in which we have drawn out the key points for heritage and included details of other funds that are currently available. We await further information on how the £300m will be divided up for the sector.
In short, the key details include:
- A specific package of £90million for National Museums and cultural bodies and a £300million Culture Recovery Fund. [The heritage split is yet to be confirmed]
- The Job Retention Scheme (furlough) will be extended until the end of September (and the government will introduce an employer contribution
towards the cost of unworked hours of 10% in July and 20% after that) - Further support through the Self Employment Income Support Scheme (depending on turnover, with a fifth grant confirmed from July)
- A further 100% relief from business rates
- The VAT rate for tourism and hospitality will be kept down to 5% until 30
September - Restart Grants for non-essential retail (up to £6,000 per premises) and for hospitality, accommodation and leisure businesses (up to £18,000)
- An additional £425 million of discretionary business grant funding, on top of
the £1.6 billion already allocated - Recovery Loan Scheme (open to all businesses, will provide lenders with a guarantee of 80% on eligible loans between £25,000 and £10 million)
See further details about new funding below and in our summary.