To combat the effects of Covid-19, the Government has spent tens to billions of pounds.
Thursday’s announcement by Chancellor Rishi Sunak included additional financial support for businesses, including those impacted by Tier 2 local lockdown measures. This package could cost the Exchequer approximately PS13 billion over six months.
These are the projects estimated to cost more that PS1 billion according to publicly available data.
Department for Business, Energy & Industrial StrategyPS12.4 Billion – The Small Business Grant Fund and the Retail, Hospitality and Leisure Grant FundPS16 Billion – Bounce Back Loan Scheme(BBLS)PS1.7 Billion – Trade Credit Reinsurance Scheme
Department for Digital, Culture, Media & SportPS1.5 Billion – Cultural Recovery Fund (According the gov.uk website, October 17, 2017).
Department for EducationPS1.8 Billion – Schools rebuilding programPS1 Billion – Covid-19 catch up fund
A sign promoting the wearing of facial coverings at Victoria station (Luciana Guierra/PA).
Department for TransportPS3.5Billion – Rail emergency measuresPS1.6Billion – Transport for London (As confirmed in October 22 by Transport Secretary Grant Shapps in Parliament)
Department of Health and Social CarePS15 Billion (more than) – Personal protective equipment procurement to safeguard frontline staffPS12 Billion – NHS Test and Trace programme. (Mr Sunak, House of Commons September 24)
Department for Work and PensionsPS5.9 Billion across multiple measures:- Universal Credit: Jobcentre attendance for new claimants to gain advances- Minimum Income Floor- Access to Universal Credit- Jobcentre participation and other claimant commitments reduced- Increasing housing support- Suspension or recovery of benefit overpaymentsPS5.5 Billion – Universal Credit standard allowance
Foreign & Commonwealth OfficePS1.2B – Income Tax self assessmentPS1.5 billion – Working Tax Credit Basic EllementPS15.2 Billion – Self-Employment income support schemePS3.8 billion (HM Treasury or PS2.5 billion) – Temporary stamp duty land tax cut
HM Revenue & CustomsPS1B – Delaying reform of the offpayroll working rulesPS47 Billion – Coronavirus Jobs Retention SchemePS1.9B – Deferring PS38 Billion of VAT paymentsPS9.4 Billion (HM Treasury), or PS6.1 billion(Office for Budget Responsibility). – Coronavirus Job Restention Bonus SchemePS4.1Billion (HM Treasury), or PS2.5Billion (Office for Budget Responsibility). – Reduced VAT rate for the hospitality, accommodation, and attractions sectors
A sign for Her Majesty’s Treasury. (Chris Ratcliffe/PA).
HM TreasuryPS12.7 billion – Support to the devolved administrationsPS11.8 billion – Business rates holidays for retail, hospitality and leisure sectors, and for nurseries
Ministry of Housing, Communities & Local GovernmentPS3.7B – Non-ringfenced funding to ease pressure on local government social care services
Unless otherwise noted, the figures are estimated costs based on the National Audit Office’s Covid-19 cost tracker from September 8.