London receives extra emergency taxpayer money for companies than Scotland, Wales and Northern Eire COMBINED with virtually 300,000 bounceback loans value £10billion
The capital was supplied bounceback loans and coronavirus enterprise interruption loans far in extra of another a part of the UK, in line with new statistics.
The Treasury stated that every area of the nation was allotted mortgage quantities ‘proportionately to the quantity of companies situated there’.
The numbers present the overwhelming reliance on London because the financial driver of the nation.
Solely the South East of England acquired greater than half of London’s complete in money funds, with Northern Eire and the North East the bottom recipients, together with Wales.
Scotland acquired 80,000 bounceback loans value practically £3 billion, Wales greater than 50,500 loans value in extra of £1.7 billion and Northern Eire practically 35,000 loans value greater than £1.3 billion.
In distinction London corporations acquired virtually 300,000 bounceback loans value simply shy of £10 billion.
Chancellor Rishi Sunak, stated: ‘All through this disaster, now we have offered greater than £280billion of assist to guard jobs and livelihoods up and down the nation.
‘We’re dedicated to persevering with to make sure jobs are protected and alternative is created.’
It got here as Mr Sunak was urged to withstand calls to introduce a property tax amid fears it might be a wealth tax in all however title.
Treasury officers have modelled a plan to scrap council tax and stamp obligation and change them with a property tax primarily based on a share of a house’s worth.
The scheme can be revenue-neutral, which means it might not usher in any more cash for the Treasury.
But it surely may see winners in northern areas and losers within the South, the place property costs are larger.
One economist stated there was a hazard that it may develop into a ‘creeping wealth tax’, whereas one other stated it might be devastating for cash-poor pensioners who stay in beneficial houses.
The Chancellor can be on the centre of a Cupboard row over whether or not to increase a £20-a-week improve to Common Credit score funds, it was claimed right now, forward of a crunch Labour vote on the difficulty.
The Chancellor is alleged to need to scrap the rise which was put in place final yr to assist households by way of the coronavirus pandemic and is because of expire in April.
Tory MPs are demanding Mr Sunak hold the funds in place till the UK is evident of the Covid-19 disaster whereas Cupboard ministers, led by Work and Pensions Secretary Therese Coffey, are additionally urging him to take a look at extending the coverage.
The Chancellor reportedly believes that if the additional funds stay in place there’s a danger they may develop into everlasting at a price to the Treasury of roughly £6billion per yr.
Labour will attempt to pressure a symbolic vote on protecting the funds this night, with Boris Johnson instructing Tory MPs to abstain.
The Prime Minister claimed Sir Keir Starmer is ‘taking part in politics’ and accused Labour ‘trolls’ of ‘intimidating and threatening’ Tory MPs on the difficulty.
Mr Johnson stated related votes up to now had been ‘misrepresented’ by Labour and he didn’t need to danger that occuring once more.
Nevertheless, numerous Tory MPs are nonetheless anticipated to insurgent and vote with Labour.