70,000 East Midlands businesses are helped by £2.6 billion of government-backed loan schemes

A report from HM Treasury shows that the region’s businesses have received more than £2.6 billion of support under the lending initiative and that 78,000 businesses have also benefitted from £900 million in grants.

In addition, under a third of employees in the East Midlands (29.7%) benefitted from the furlough scheme.

Loan schemes have supported businesses across all sectors. But the retail, construction and hospitality sectors, including hotels and restaurants, have benefitted the most. This demonstrates how government support helped those businesses that were impacted hardest by the pandemic.

The furlough and self-employed income support scheme (SEISS) has benefitted firms across all sectors, helping 163,000 people in the East Midlands.

The Chancellor of the Exchequer, Rishi Sunak, said: “Today’s figures show how our unprecedented support has benefitted the whole of the UK, and we will build on this as we move to the next stage of our recovery through our Plan for Jobs which will protect, support and create jobs for all regions across the country.”

The Plan for Jobs will help businesses keep furloughed workers under the Job Retention Bonus and expand Worksearch Support including a Flexible Support Fund and a £2 billion Kickstart scheme to subsidise jobs for young people

The government is creating jobs in the construction and housing sectors through funding to decarbonise public sector buildings, and protecting jobs with VAT cuts for hospitality and tourism, as well as the Eat Out to Help Out discount scheme.

Business Secretary Alok Sharma said: “We were clear from the start of this crisis that no region would be left behind, and it is heartening to see the difference our support has made for businesses of all sizes in the East Midlands. As we rebuild from the pandemic, we will continue to prioritise jobs and skills, while placing the environment at the heart of our recovery.”