Other ADB Members
Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline||GBP41,530,813,690||USD51,419,394,818|
|01A - Short-term lending info_outline||GBP29,048,000,000||USD35,964,394,818||
(i) March 2020, Activating a Contingent Term Repo Facility (CTRF) to complement the Bank of England’s (BoE's) existing sterling liquidity facilities. 19 June 2020, The Bank of England announced that, in light of more stable funding market conditions and recent usage patterns, it will discontinue 3-month CTRF operations at the end of June 2020. The final operation is on 26 June 2020. As of 26 June 2020, cumulative amount allocated since March was GBP11.515 billion; (ii) 17 March 2020, The Covid Corporate Financing Facility (CCFF) provided jointly with the Treasury provides lending to businesses with minimum amount GBP1 million per participant. The BoE will purchase commercial papers (CP) of firms of up to one-year maturity, with interest rate set with a fixed spread to the sterling overnight index swap (OIS) rate. The spread is determined based on rating or equivalent assessment. The scheme will operate for at least 12 months and will be financed by the issuance of central bank reserves. The peak sum of CP purchased less any redemptions and sales (reported on a settlement date basis) since the CCFF began in March 2020 was GBP17.533 billion (19 August 2020). 22 September 2020, HM Treasury and the Bank are confirming that the CCFF will close for new purchases of commercial paper with effect from 23 March 2021.
|01B - Support policies for short-term lending info_outline||
No amount/estimate: (i) April 2020, The Prudential Regulatory Authority (PRA) set out supervisory expectation that banks should suspend dividends and buybacks until end-2020, cancel outstanding 2019 dividends and pay no cash bonuses to senior staff.
|01C - Forex operations info_outline||GBP12,482,813,690||USD15,455,000,000||
The peak total amount in the US dollar repo operations from 18 March 2020 - 24 June 2020 was recorded in 18 March 2020, with 2 transactions, 7-day & 84-day terms, at USD15.455 billion. 19 June 2020, The Bank of England, in coordination with other central banks, has decided to reduce the frequency of 7-day maturity operations which provide liquidity via the standing US dollar liquidity swap line arrangements. The frequency of 7-day US dollar repo operations will be reduced from daily to three times per week commencing 1 July 2020. 20 August 2020, The Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve, have jointly decided to further reduce the frequency of their 7-day operations from three times per week to once per week from September 1.
|02 - Credit creation info_outline||GBP430,000,000,000||USD532,383,977,273|
|02A - Financial sector lending/funding info_outline||GBP100,000,000,000||USD123,810,227,273||
11 March 2020, Introducing a new Term Funding scheme with additional incentives for Small and Medium-sized Enterprises (TFSME), financed by the issuance of central bank reserves. The Term Funding Scheme offers four-year funding at or very close to the Bank Rate. Estimated size of the scheme is GBP100 billion. 24 September 2020, The Bank of England will allow TFSME participants to extend part of their borrowings out to a total term of up to ten years. As of 6 January 2021, current loans made through the TFSME amounted to GBP68.246 billion [update].
|02B - Support policies for long-term lending info_outline|
|02B1 - Interest rate reductions||
No amount/estimate: (i) Policy rate reductions: From 0.75% to 0.1% in two steps on 11 and 19 March 2020.
|02B2 - Other policies to support long-term lending||
(i) April 2020, reducing the UK countercyclical buffer rate to 0% from a pre-existing path toward 2% by December 2020, with guidance that it will remain there for at least 12 months; (ii) 4 May 2020, The Prudential Regulation Authority (PRA) is offering a modification by consent for banks subject to the UK Leverage Ratio Part of the PRA Rulebook to exclude loans under the COVID-19 Bounce Back Loan scheme (BBLS) from the leverage ratio total exposure measure, if they choose to do so; (iii) 7 May 2020, the PRA announced its intention to alleviate unwarranted pressure on firms by setting all Pillar 2A requirements as a nominal amount, instead of a percentage of total Risk Weighted Assets (RWAs). As well as avoiding an absolute increase in Pillar 2A capital requirements in the current stress, this would reduce Pillar 2A, as well as the threshold at which firms are subject to maximum distributable amount (MDA) restrictions, as a share of a firm’s RWAs in the capital stack if RWAs increase; (iv) 7 May 2020, The dates for the major UK banks and building societies to submit their first reports on their preparations for resolution and publicly disclose a summary of these reports have been extended by a year. These firms will now be required to submit their first reports to the PRA by October 2021 and make public disclosures by 2 June 2022; (v) 4 June 2020, the Bank of England informs all regulated UK Financial Market Infrastructures and Specified Providers that when considering any distribution of shareholders or making decisions on variable remuneration they should pay close attention to the additional risks and potential financial and operational demands due to COVID-19, and that they should discuss with the BOE in advance of making any distribution to shareholders.
|02C - Loan guarantees||GBP330,000,000,000||USD408,573,750,000||
March 2020, GBP330 billion of temporary state loans and guarantee scheme for businesses. The Coronavirus Business Interruption Loan Scheme (CBILS) (17 March 2020) will provide loans of up to GBP5 million for small and medium-sized businesses. The CBILS provides support to smaller businesses, with financing up to GBP5 million, wherein the government will provide the lender a partial guarantee (80%). As of 31 May 2020, GBP8.9 billion had been approved. Starting 30 July 2020, businesses with fewer than 50 employees and a turnover of less than GBP 9 million can apply to CBILS. In addition, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) will provide a government guarantee of 80% to enable banks to make loans of up to GBP25 million to larger firms with an annual turnover of between GBP45 million and GBP500 million (3 March 2020). The CLBILS will provide a government guarantee of 80% to enable banks to make loans of up to GBP25 million to larger firms with an annual turnover of between GBP45 million and GBP500 million. 19 May 2020, Extended maximum loan size available through the CLBILS from GBP50 million to GBP200 million. Companies receiving help through the CLBILS were also asked to agree to not pay dividends and to exercise restraint on senior pay. As of 31 May 2020, GBP1.1 billion had been approved under under CLBILS. 4 May 2020, Bounce Back Loan Scheme (BBLS) is launched to help small firms get finance, with a 100% government-backed guarantee. As of 31 May 2020, GBP21.3 billion had been approved under BBLS, covering nearly 700,000 loans. 24 September 2020, Applications for the coronavirus loan schemes are extended until end-November 2020 (https://bit.ly/2G5lpXh). 29 September 2020, A new Pay as You Grow repayment system will provide flexibility for firms repaying a Bounce Back Loan. This includes extending the length of the loan from six years to ten, which will cut monthly repayments by nearly half. Interest-only periods of up to six months and payment holidays will also be available to businesses. Coronavirus Business Interruption Loan Scheme lenders are also given the ability to extend the length of loans from a maximum of six years to ten years if it will help businesses to repay the loan.
|03 - Direct long-term lending info_outline||GBP520,000,000||USD643,813,182|
|03A - Long-term lending info_outline||GBP520,000,000||USD643,813,182||
(i) 20 May 2020, Future Fund is launched. To bolster high-tech start-ups, the new GBP500 million Future Fund provides between GBP125,000 and GBP5 million for UK based-business as long as the cash is matched by private investors (i.e. government is committing GBP250 million, with the other GBP250 million expected to be raised by the private sector). The scheme is initially open until September and will be delivered by the British Business Bank. If the government loan is not repaid within three years, it gets automatically converted into an equity stake at 20% discount to the valuation set in the next funding round; (ii) 5 July 2020, The package in support for cultural organisations includes GBP270 million of repayable finance.
|03B - Forbearance||
No amount/estimate: (i) 9 April 2020, The Financial Conduct Authority (FCA) introduced a package of targeted temporary measures to support customers affected by coronavirus, including by setting the expectation for firms to offer a payment freeze on loans and credit cards for up to three months; (ii) 15 July 2020, The FCA has confirmed the support that will be available for users of motor finance, buy-now pay-later (BNPL), rent-to-own (RTO), pawnbroking and high-cost short-term credit (HCSTC) products, who continue to face payment difficulties due to COVID-19. Measures include: (a) Firms should contact customers if they can resume payments – and if so, agree a plan on how the missed payments could be repaid, (b) For customers with still payment difficulties, firms will freeze or reduce payments to a level they can afford, on their motor finance, BNPL or RTO agreements for a further 3 months, (c) Customers that have not yet had a payment freeze or requested an extension of an existing payment freeze can request this up until 31 October 2020, (d) HCSTC customers can only apply for a payment freeze under this guidance once up to 31 October 2020, (e) The ban on repossessions will continue until 31 October 2020, and (f) Any payment freezes or partial payment freezes offered under this guidance should not have a negative impact on credit files; (iii) 22 October 2020, FCA highlights continued support for consumers struggling with payments. It has put in place a package of support for people in difficulty to ensure help is available after 31 October 2020; (iv) 23 October 2020, FCA has issued guidance stating that firms should allow borrowers to delay repayment of the capital at maturity on interest-only and part-and-part mortgages up to 31 October 2021, provided borrowers are up-to-date with payments and they continue to make interest payments.
|04 - Equity support info_outline||GBP5,000,000||USD6,190,511||
8 September 2020, GBP5 million Equity Investment Fund is targeted at early stage and seed stage small and medium-sized enterprises.
|05 - Health and income support||GBP213,994,680,000||USD264,947,299,660|
|05A - Health support||GBP12,098,280,000||USD14,978,907,964||
(i) April 2020, GBP10 billion for the National Health Service (NHS) and other public services to tackle the virus; (ii) 17 May 2020, UK’s top researchers rapidly working to find a coronavirus vaccine will benefit from GBP84 million of new government funding; (iii) No amount/estimate: 20 July 2020, The government is setting up face covering production lines in cooperation with UK manufacturers. Ten production lines have been procured and a further ten British production lines are being made with government support. The manufacturers will produce millions of masks each week; (iv) 23 July 2020, GBP100 million will be used to fund a state-of-the-art Cell and Gene Therapy Catapult Manufacturing Innovation Centre to accelerate the mass production of a successful COVID-19 vaccine; (v) No amount/estimate: 29 July 2020, A deal to secure early access to a promising new COVID-19 vaccine has been announced. The agreement with GSK and Sanofi Pasteur will supply an additional 60 million doses of COVID-19 vaccine, which means that the government has now secured early access to four different types of immunization and a total of 250 million doses; (vi) No amount/estimate: 3 August 2020, Government partners with pharmaceutical and biotech organization Wockhardt to accelerate vaccine manufacturing; (vii) No amount/estimate: 5 August 2020, UK government and Valneva (global biotech company) undertake a joint investment in a vaccine manufacturing facility in Livingston. This will enable the government secure access to 60 million doses of Valneva's promising vaccine candidate; (viii) 16 August 2020, The National Academy for Social Prescribing (NASP) has been awarded GBP5 million in funding to support people to stay connected and maintain their health and wellbeing following the COVID-19 pandemic; (ix) 18 August 2020, No amount/estimate: The government creates a new National Institute for Health Protection, which will have a single command structure to advance the country’s response to the COVID-19 pandemic; (x) 25 August 2020, GBP8 million to boost pupil and teacher well-being; (xi) 28 August 2020, The UK government is investing GBP8.4 million in COVID-19 immunology research projects, including at the universities of Edinburgh, Glasgow and Dundee; (xii) 3 September 2020, New GBP500 million funding package will be invested in next generation testing technology and increased testing capacity. 6 October 2020, The government has signed a deal with the UK Rapid Test Consortium for 1 million antibody tests; (xiii) 17 September 2020, 25 hospitals will receive a share of GBP150 million in funding to upgrade, reduce overcrowding and improve infection control ahead of winter; (xiv) 18 September 2020, There is a new social care winter plan to support care homes through winter including free PPE and GBP546 million Infection Control Fund. It aims to curb the spread of COVID-19 infections in care settings throughout the winter months; (xv) No amount/estimate: 21 September 2020, Two new Lighthouse Labs will be set up in Newcastle, and Bracknell, to increase testing capacity; (xvi) No amount/estimate: The government has published a new PPE strategy setting out a data-driven approach to building further resilience in the supply chain to respond to rising rates of coronavirus infection; (xvii) 10 October 2020, GBP1 million is donated by the Government to charities across the country through the Coronavirus Mental Health Response Fund; (xviii) 20 October 2020, GBP33.6 million government investment will back the studies in partnership with Imperial College London, hVIVO and the Royal Free London NHS Foundation Trust. A further GBP19.7 million will scale up capabilities to process blood samples from clinical trials; (xix) 20 October 2020, The government will be providing a GBP22 million funding package to protect public health and local economies, including compliance, enforcement and contact tracing activity across Greater Manchester; (xx) 21 October 2020, To support South Yorkshire as it moves from local COVID alert level high to very high, the government will be providing additional funding of GBP11.2 million for local enforcement and contact tracing activity; (xxi) 26 October 2020, As Warrington moves from local COVID alert level 'high' to 'very high', it will receive GBP1.68 million in financial support package from the government. This will support local contact tracing, the enforcement of restrictions, and the provision of further local-level data; (xxii) 9 November 2020, GBP3.5 million funding for drones to deliver COVID-19 supplies; (xxiii) No amount/estimate: 9 November 2020, 600,000 COVID-19 tests to be rolled out during the week to kick-start significant expansion of testing, followed by weekly local allocations. Anyone who tests positive will be entitled to the GBP500 Test and Trace Support Payment; (xxiv) No amount/estimate: 16 November 2020, Government secures 5 million doses of Moderna vaccine; (xxv) 16 November 2020, GBP12.2 million boost for genomic surveillance to help stop transmission of COVID-19; (xxvi) As of 16 November 2020, the government has invested over GBP230 million into manufacturing any successful vaccine (https://bit.ly/36SxZ65); (xxvii) 3 December 2020, The government is taking the precautionary step to ensure that, in the very rare possibility where someone is severely disabled as a result of taking a COVID-19 vaccine, they can access financial assistance through the Vaccine Damage Payments Scheme; (xxviii) 23 December 2020, Care homes will be given access to GBP149 million to support the roll out of rapid testing, with staff being asked to take rapid tests twice a week [update]; (xxix) 6 January 2021, UK science facilities will be upgraded with GBP213 million government investment enabling researchers to respond to global challenges such as COVID-19 and climate change [update]; (xxx) No amount/estimate: 10 January 2021, Asymptomatic testing will be rolled out across the country [update].
|05B - Income support||GBP195,505,600,000||USD242,055,927,691|
|05B1 - Tax and contribution deferrals and policy changes||GBP30,000,000,000||USD37,143,068,182||
(i) 20 March 2020, VAT payments of around GBP30 billion for the 2nd quarter of 2020 are deferred until 2021; (ii) No amount/estimate: 12 November 2020, A GBP1 million tax break to stimulate investment in UK manufacturing, to support business confidence, is to be extended, HM Treasury has announced. This move is intended to boost confidence as companies look to weather the pandemic and plan for the future
|05B2 - Tax and contribution rates reduction||GBP7,900,000,000||USD9,781,007,955||
(i) 5 July 2020, GBP4.1 billion: Reduced rate of VAT for hospitality, accommodation and attractions. 24 September 2020, the government will extend the temporary 15% VAT cut for the tourism and hospitality sectors to the end of March 2021 (https://bit.ly/2G5lpXh); (ii) 5 July 2020, GBP3.8 billion: Stamp Duty Land Tax temporary cuts (https://bit.ly/31kFRuf); (iii) 22 October 2020, The employer contribution to those unworked hours to just 5%, and reduces the minimum hours requirements to 20% (https://bit.ly/34mM5MN).
|05B3 - Wage support and subsidies to individuals and households||GBP84,421,400,000||USD104,522,327,207||
(i) Measures announced in April 2020 are as follows: (a) Employment support: Coronavirus Job Retention Scheme (CJRS) (GBP42 billion; as of 4 June 2020, estimate was GBP54 billion). 31 October 2020, The CJRS is being extended until December 2020 (https://bit.ly/3kYoIiI), Self-employed income support scheme (GBP10 billion; as of 4 June 2020, estimate was GBP15 billion) (b) Household Support: Statutory sick pay support (GBP1 billion), Welfare package (GBP7 billion; as of 4 June 2020, estimate was GBP8 billion), Local authority funding to support vulnerable people (GBP0.5 billion); Suspending benefit recovery (no amount yet); (ii) 8 April 2020, Charities across the UK will receive a GBP750 million package of support to ensure they can continue their vital work during COVID. 15 September 2020, GBP6 million of funding for 100 military charities. 25 September 2020, Charities will receive a share of GBP1 million boost as part of the government’s GBP10 million emergency fund to support domestic abuse victims and their families during the pandemic. 25 November 2020, Government announces GBP16.5 million youth COVID-19 support fund to be financed out of the GBP750 million package for charities (https://bit.ly/2V15iy3); (iii) 23 May 2020, GBP15 million to support the Citizens Advice Service during COVID-19 pandemic; (iv) 29 May 2020, the Self-Employment Support Scheme is extended until August, but government contribution will be slowly tapered from 80% of the salary in June to 60% in October. 24 September 2020, The government is continuing its support for millions of self-employed individuals by extending the Self Employment Income Support Scheme Grant (SEISS) (https://bit.ly/2G5lpXh). 22 October 2020, Maximum self-employed grant is increased through November to January. 26 October 2020, Working parents who are on the government’s coronavirus support schemes will still be eligible for childcare support even if their income falls below the minimum threshold requirement (https://bit.ly/3kMQka8). 2 November 2020, The government increases support for self-employed. This means GBP4.5 billion of support between November and January (https://bit.ly/3mQkB8T). 3 November 2020, Self-employed people will continue to receive crucial financial support from Universal Credit based on their current actual earnings – providing additional protection for those who see a drop in earnings due to the impact of COVID-19; (v) 9 June 2020, GBP38 million support package for debt advice providers so they can continue helping people affected by COVID; (vi) 19 May 2020 & 23 June 2020, GBP2.4 million funding to alleviate student hardship; (vii) 24 June 2020, GBP105 million to keep 15,000 vulnerable people off the streets during coronavirus pandemic; (viii) 18 July 2020, GBP266 million housing fund (https://bit.ly/3ieuBWX). 17 September 2020, GBP91.5 million is allocated to 274 councils in England to help house vulnerable people during the pandemic; (ix) 21 July 2020, No amount/estimate: Nearly 1 million public sector workers (e.g., police officers, teachers, doctors, etc.) will be given above-inflation pay increases; (x) No amount estimate: 5 August 2020, Working parents eligible for Tax-Free Childcare whose incomes have fallen below the minimum requirement due to COVID will continue to receive financial support until October 2020; (xi) No amount/estimate: 13 August 2020, New law to ensure furloughed employees receive full redundancy payments; (xii) No amount/estimate: 18 August 2020, Disabled people can now benefit from financial support to work from home, thanks to an extension to the Access to Work scheme; (xiii) No amount/estimate: 27 August 2020, New payment for people on low incomes in areas with high rates of COVID-19, who need to self-isolate and can’t work from home; (xiv) 21 September 2020, GBP500 Isolation Support Payment will be given to people on low incomes who can’t work because they’ve tested positive or are asked to self-isolate by NHS Test and Trace. 9 October 2020, A down payment of GBP50 million will be used to set up and run the Test and Trace Support Payment - GBP500 for low-income workers who can’t work from home and are told to self-isolate, including GBP15 million in discretionary funds (https://bit.ly/3lKahyH); (xv) 5 November 2020, A further GBP15 million to help councils offer safe accommodation for people who are sleeping rough or at risk of becoming homeless (https://bit.ly/32fara4); (xvi) 8 November 2020, GBP170 million COVID Winter Grant Scheme is announced to support children, families and the most vulnerable over winter; (xvii) 8 January 2021, Extra support to help protect rough sleepers and renters from the effects of COVID-19 has been announced, backed by an additional GBP10 million in funding [update].
|05B4 - Subsidies to business||GBP58,532,000,000||USD72,468,602,227||
(i) Measures announced in April 2020 are as follows -- (a) Business support: Small business grant schemes (GBP15 billion), Business rates package (GBP13 billion), Off-payroll working delay extension to private sector by 1 year (GBP1.2 billion), VAT on e-publications - early introduction (GBP0.1 billion, 4 June 2020); (b) Funds for devolved administrations (GBP3.5 billion = GBP1.6 billion local + GBP1 billion Scotland + GBP0.6 billion Wales + GBP0.3 billion Northern Ireland.); (c) Railway services operation (GBP3.5 billion); (ii) 19 June 2020, Schools will receive GBP1 billion to help pupils catch up after coronavirus and provide for a national tutoring program; (iii) 29 June 2020, GBP200 million Sustainable Innovation Fund to help businesses drive forward cutting-edge new technology and recover from the impacts of coronavirus. This funding, delivered through Innovate UK, forms part of a wider GBP750 million package of grants and loans announced in April 2020; (iv) 5 July 2020, Cultural and heritage organizations to be protected with GBP1.57 billion support package (https://bit.ly/31mnuVD); (v) 8 July 2020, Plan for Jobs includes: (a) GBP9.4 billion: Job Retention Bonus. 2 October 2020, New guidance on how businesses can claim the bonus has been published (https://bit.ly/3d2FfyQ), (b) GBP2.1 billion Kickstart Scheme, (c) GBP0.5 billion: Eat Out to Help Out discount scheme; (vi) 30 July 2020, GBP20 million new funding for smaller businesses to recover (https://bit.ly/3idRV7x); (vii) 28 July 2020, GBP500 million to assist film and television production struggling to secure insurance for COVID-related costs; (viii) 3 August 2020, GBP100 million funding for zoos and aquariums, which need support following a drop in income due to COVID; (ix) GBP20 million to improve small business leadership and problem-solving skills in the wake of coronavirus; (x) No amount/estimate: 24 August 2020, Economy Minister has launched a new tourism program to provide financial assistance up to GBP200,000 to support tourism providers; (xi) No amount/estimate: 8 September 2020, A ‘bounce-back’ plan of trade measures for the consumer and retail industry has been announced to help support businesses impacted by COVID-19 (https://bit.ly/35jU9Pn); (xii) 8 September 2020, New GBP1 million Digital Selling Capability Grant to help retailers and wholesalers generate business online (https://bit.ly/2FUf0OY); (xiii) No amount/estimate: 9 September 2020, Businesses in England required to close due to local lockdowns or targeted restrictions will now be able to receive grants worth up to GBP1,500 every three weeks. This is in addition to businesses eligibility for the government’s existing schemes of support to businesses; (xiv) 11 September 2020, Businesses with creative ideas to boost the UK's manufacturing capacities set to receive GBP300 million of joint government and industry funding. The government will invest GBP147 million; (xv) No amount/estimate: 16 September 2020, Commercial tenants will be protected from the risk of eviction until the end of 2020 helping businesses to protect jobs (https://bit.ly/3iFRGm8). As of 9 December 2020, this measure has been extended until March 2021 [update]; (xvi) 22 September 2020, Government has announced an initial GBP60 million to support additional enforcement activity by local authorities and the police, in addition to funding that has already been awarded; (xvii) No amount/estimate: 24 September 2020, The Job Support Scheme is designed to protect viable jobs in businesses who are facing lower demand over the winter months due to COVID-19, and will open on 1 November 2020 and run for 6 months (https://bit.ly/3j2Bqfi). 9 October 2020, The Job Support Scheme will be expanded to support businesses across the UK required to close their premises due to coronavirus restrictions. The government will pay two thirds of employees’ salaries to protect jobs over the coming months. Cash grants for businesses required to close in local lockdowns also increased to up to GBP3,000 per month; (xviii) 5 October 2020, There are two new schemes to support Northern Ireland businesses plan for recovery-one administered by Tourism Northern Ireland and the other by Invest Northern Ireland, which will provide up to GBP8,000 to eligible businesses. Invest NI’s GBP2 million COVID-19 Business and Financial Planning Grant will support businesses by contributing toward the cost of an adviser to carry out an analysis and strategic review of the business (https://bit.ly/2Gt3Ukt); (xix) 22 October 2020, Up to GBP67.8 million announced to protect tram services across the North and Midlands; (xx) No amount/estimate: 22 October 2020, The Chancellor has announced approved additional funding to support cash grants primarily for businesses in the hospitality, accommodation and leisure sector who may be adversely impacted by the restrictions in high-alert level areas. (https://bit.ly/34mM5MN); (xxi) 26 October 2020, As Warrington moves from local COVID alert level 'high' to 'very high', it will receive GBP4.2 million in business support funding from the government; (xxii) No amount/estimate: 30 October 2020, Millions of jobs will continue to be supported over the winter months with the government’s Job Support Scheme available to businesses across the UK from Sunday, 1 November (https://bit.ly/2JDuoAR); (xxiii) 1 November 2020, An additional GBP1.7 billion government funding and financing package for transport for London; (xxiv) 19 November 2020, Government announces GBP300 million Sport Winter Survival Package to help spectator sports in England; (xxv) No amount/estimate: 1 December 2020, Prime Minister Boris Johnson has announced an additional GBP1,000 Christmas grant for ‘wet-led pubs’ in tiers 2 and 3 who will miss out on much needed business during the busy Christmas period; (xxvi) 5 January 2021, GBP4.6 billion in new lockdown grants will be used to support businesses and protect jobs. Businesses in the retail, hospitality and leisure sectors are to receive a one-off grant worth up to GBP9,000 [update].
|05B5 - Indirect income support||GBP14,652,200,000||USD18,140,922,120||
(i) 8 July 2020, Plan for Jobs includes a GBP8.7 billion infrastructure package, decarbonization, and Green Homes Grant and GBP1.6 billion in scaling up employment support schemes, training, and apprenticeship. 1 August 2020, A new online and telephone support - Redundancy Support Service for Apprentices (ReSSA) is launched, ; (ii) 5 August 2020, GBP1.3 billion funds to deliver up to 45,000 homes, create up to 85,000 jobs and upgrade skills and infrastructure to help fuel a green economic recovery; (iii) 21 August 2020, ‘Acceleration Unit’ launched to speed up delivery of transport projects. This coincides with around GBP360 million of investment to build back better from COVID-19; (iv) 21 August 2020, A new productivity institute is announced to boost wage growth and living standards. This new institute in Manchester will boost ground-breaking research to explore how to increase productivity, boost wages, and support the economic recovery. Government's share is GBP30 million; (v) 27 August 2020, There is an additional GBP17.2 million funding to help bolster local apprenticeship system as it battles the effects of the COVID-19 pandemic; (vi) 14 September 2020, Grants from the government's GBP40 million Green Recovery Challenge Fund are now available to help the nation build back greener from the COVID-19 pandemic (https://bit.ly/33xNiPE); (vii) 28 September 2020, Lifetime Skills Guarantee will give adults the chance to take free college courses valued by employers. GBP2.5 billion is also being made available through the National Skills Fund to help get people working again after COVID, as well as giving those in work the chance to train for higher-skilled, better-paid jobs (https://bit.ly/3cDdpJp). 5 October 2020, There are 3,000 free online training places for people whose employment has been disrupted by the pandemic; (viii) 22 October 2020, A new ‘Community Champions’ scheme, worth up to GBP25 million, funded by the Ministry of Housing, Communities and Local Government, will provide funding to enhance existing communication strategies in the most at risk places, and fund work with grassroots advocates from impacted communities (https://bit.ly/3of9Yhk); (viii) 18 November 2020, GBP80 million fund for green jobs and new national parks to kick start green recovery.
|05B6 - No breakdown (income support)|
|05C - No breakdown (health and income support)||GBP6,390,800,000||USD7,912,464,005||
(i) 16 July 2020, Allocations for individual councils to help deliver essential services during the COVID-19 pandemic (GBP500 million); (ii) 24 July 2020, Scotland, Northern Ireland and Wales will receive a minimum of GBP3.7 billion in additional funding (https://bit.ly/2DyzXxm); (iii) 27 July 2020, Councils are given GBP800,000 so they continue to modernize and improve delivery of public services, as they respond to COVID; (iv) 8 October 2020, Police forces and local councils will receive an additional GBP60 million to step up their enforcement of coronavirus rules; (v) 9 October 2020, The government will provide a further GBP30 million to improve compliance with and enforcement of non-pharmaceutical interventions (such as self-isolation and business closures) over the next four months, including through COVID Marshalls. Also, the devolved administrations in Scotland, Wales and Northern Ireland will benefit from a GBP1.3 billion increase to their guaranteed funding for 2020-21 - allowing them to continue their response to COVID-19 including through similar measures if they wish (https://bit.ly/3lKahyH); (vi) 24 December 2021, An additional GBP800 million of funding has been approved to support the devolved administrations in Scotland, Wales and Northern Ireland and allow them to spend, as they see fit, on measures to support people, businesses and public services with the ongoing impact of COVID19 [update].
|06 - Budget reallocation info_outline|
|07 - Central bank financing government||GBP454,370,000,000||USD562,556,529,659|
|07A - Direct lending & reserve drawdown||GBP4,370,000,000||USD5,410,506,932||
(i) 9 April 2020, HM Treasury and the BoE announced temporary extension to Ways and Means (W&M) facility. As of 13 May 2020, drawings under the W&M facility remain at GBP370 million; (ii) April 2020, There was a GBP4.0 billion dividend transfer from the Bank of England Asset Purchase Facility Fund (BEAPFF) to HM Treasury.
|07B - Secondary purchase: government securities||GBP450,000,000,000||USD557,146,022,727||
(i) 19 March 2020, Increase Bank of England's holdings of UKG government and corporate bonds by GBP200 billion to a total of GBP645 billion, financed by central bank reserves; (ii) 18 June 2020, The Bank of England announced an increase in the stock of purchases of UK government bonds, financed by central bank reserves, by an additional GBP100 billion, to take the total stock of asset purchases to GBP745 billion; (iii) 5 November 2020, Bank of England will expand its target stock of UK government bond purchases by an additional GBP150 billion, to reach GBP895 billion. As of 6 January 2021, current gilt purchases stood at GBP727.897 billion [update].
|08 - International Assistance Received||GBP30,480,827,272||USD37,738,381,520|
|08A - Swaps info_outline||GBP30,449,827,272||USD37,700,000,350||
Unlimited USD liquidity swap line with the US Federal Reserve: peak amount outstanding was recorded in 2 April 2020: USD37.7 billion.
|08B - International loans/grants||GBP31,000,000||USD38,381,170||
18 September 2020, The UK has secured GBP31 million in funding (grant) through the European Union’s mobility package to assist the UK’s coronavirus response. The EU mobility package is part of the Emergency Support Instrument.
|08B1 - Asian Development Bank|
|08B2 - Other|
|09 - International Assistance Provided||GBP708,074,506||USD876,668,655|
|09A - Swaps info_outline|
|09B - International loans/grants||GBP708,074,506||USD876,668,655||
United Kingdom as donor-country: (i) The government has made available GBP150 million to the IMF’s Catastrophe Containment and Relief Trust; (ii) 11 August 2020, United Kingdom supports the implementation of protocols against COVID-19 in municipal markets in Guatemala, with funding of GTQ300,000 (GBP29,765); (iii) 2 September 2020, The United Kingdom announces GBP1.8 million funding to strengthen COVID-19 health sector preparedness and response in the Pacific, including Papua New Guinea, through the World Health Organization; (iv) 5 September 2020, The UK government invests GBP7.2 million in 20 new research projects to address the impact of COVID-19 on the world’s most vulnerable communities. Projects include delivering mass vaccination capacity in Bangladesh, protective equipment for refugees in Jordan and remote healthcare access for patients in Nigeria; (v) 13 October 2020, The UK government donated 432 quick COVID-19 tests to help Guatemala’s regional hospital in Zacapa. This support is estimated to worth more than GTZ250,000 (GBP24,741); (vi) 5 November 2020, The British High Commission presented a donation of GBP20,000 for the Adventish Disaster Relief Agency ’s continued delivery of humanitarian programmes to households and communities throughout Samoa as part of Samoa’s COVID-19 response; (vii) 14 December 2020, The United Kingdom is committing GBP1 million through the World Health Organization to strengthen Egypt’s response to the COVID-19 pandemic, and allow the WHO to provide essential medical supplies and e-training to staff, among others [update]; (viii) 10 January 2021, In total, the UK has now contributed GBP548 million to the COVAX Advance Market Commitment (AMC), will help distribute one billion doses of coronavirus vaccines to 92 developing countries [update].
|10 - No breakdown||GBP550,000,000||USD680,956,250||
20 April 2020, GBP1.25 billion support package to protect firms driving innovation in the UK, of which: (a) Treasury will dedicate GBP750 million to grants and loan support for SMEs to perform research and development, of which GBP500 million is for high-growth firms, called the Future Fund, reported in Measure 3A. 29 June 2020, GBP200 million out of GP750 million is for the Sustainable Innovation Fund to help businesses drive forward cutting-edge new technology and recover from the impacts of coronavirus, which is a grant (amount is recorded under Measure 5B); (b) Innovate UK (national innovation agency) will administer GBP200 million of grant and loan payments through its existing list of customers on an opt-in basis; (c) The remaining GBP550 million will increase support for existing customers and firms not yet involved with Innovate UK funding. The first payments will be made by mid-May. On 20 May 2020, GBP40 million was allocated to this package to support the UK’s Fast Start Competition, for development of innovations.
|11 - Other Economic Measures||
(i) 5 June 2020, The Corporate Insolvency and Governance Bill has been proposed to introduce new corporate restructuring tools to the insolvency and restructuring regime, temporarily suspend parts of the insolvency law, and to amend Company Law and other legislation; (ii) 6 June 2020, The government extended ban on evicting tenants from social or private accomodation in England and Wales by two months to 23 August 2020 due to the COVID outbreak; (iii) 9 June 2020, People on paternity and maternity leave who return to work in the coming months will be eligible for the government's furlough scheme, the Coronavirus Job Retention Scheme (CJRS), after the 10 June 2020 cut-off date; (iv) 28 August 2020, Legislation has been introduced that requires landlords to give tenants 6 months’ notice before they can evict, until March 2021; (v) 17 September 2020, Due to coronavirus, the Competition and Markets Authority has imposed measures to protect competition on UK-US air routes while it investigates an agreement involving British Airways and American Airlines; (vi) 7 October 2020, A new Global Travel Taskforce to support the travel industry and the safe recovery of international travel has been launched by the government; (vii) 14 September 2020, FCA prepares additional guidance note for mortgage relief for borrowers, confirming its support to those who continue to face payment difficulties due to coronavirus; (viii) October 2020, Amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions – which sets clear requirements for recognising changes in operating lease payments arising from COVID-19-related rent concessions on a systematic basis over the periods the change in lease payments is intended to compensate. These amendments are effective for accounting periods beginning on or after 1 January 2020, with early application permitted; (ix) 26 October 2020, Passengers who have bought an advance ticket which they can subsequently no longer use as a result of COVID restrictions will not have to pay the administration cost of rearranging travel; (viii) 5 November 2020, Renters will be protected during the national restrictions, with no bailiff enforcement action; (x) 11 November 2020, Restaurants, pubs and cafes will get automatic freedoms to provide takeaway services, which was originally set to end in March 2021 but will now be extended for another year.
|12 - Non-Economic Measures|
|12A - Measures affecting travel and transport (local and international)||
(i) The government advised British tourists currently abroad to return to the country, and advised against all non-essential travel worldwide. The warning is in place initially for 30 days; (ii) 25 July 2020, People returning to the UK from Spain will need to self-isolate for 2 weeks, with the country removed from the travel corridors list; (iii) 13 August 2020, People arriving in England from France, the Netherlands, Monaco, Malta, Turks and Caicos Islands and Aruba starting 15 August will need to self-isolate for 2 weeks; (iv) 20 August 2020, People arriving in England from Croatia, Trinidad and Tobago and Austria will need to self-isolate for 2 weeks; (v) 27 August 2020, People arriving in England from Switzerland, the Czech Republic, and Jamaica from 29 August 2020 will need to self-isolate for two weeks; (vi) 31 October 2020, Prime Minister announces new national restrictions. Everyone must stay at home, and may leave only for a limited set of reasons; (vii) 5 November 2020, Germany and Sweden removed from travel corridor list of exempt countries; (viii) 11 November 2020, The government has published guidance for students to travel home at the end of the term while controlling COVID-19 transmission risk; (ix) 12 November 2020, all of Greece apart from Corfu, Crete, Rhodes, Zakynthos and Kos removed from list of travel corridors for the UK following data showing a significant increase in confirmed cases. UAE, Qatar, Turks and Caicos Islands, Laos, Iceland, Cambodia, Chile, and Bahrain added to list of Travel Corridors for the UK having been assessed by the Joint Biosecurity Centre as posing a lower infection risk; (x) 19 November 2020, Israel, Jerusalem, Namibia, Rwanda, Sri Lanka, Uruguay, Bonaire, St Eustatius and Saba, the Northern Mariana Islands and the US Virgin Islands added to list of Travel Corridors for England, Wales and Northern Ireland; (xi) 4 January 2021, The Prime Minister has announced a national lockdown. All non-essential retail, hospitality and personal care services must close, or remain closed. Restaurants can continue delivery, takeaway or click-and-collect of food and non-alcoholic drinks. Indoor and outdoor sports facilities including sports courts, gyms, golf courses, swimming pools, and riding arenas must also close [update].
|12B - Measures affecting business and workplace||
(i) Economy-wide lockdown since 23 March 2020; (ii) 11 May 2020, The government announced its opening strategy. In a first phase, sectors that were closed during the lockdown can reopen again on 13 May, except entertainment, hospitality, and non-essential retail. All workers who cannot work from home should travel to work if their workplace is open. If the health situation remains under control, a second phase would see the reopening of non-essential retailers on 1 June, followed by the hospitality and entertainment sectors on 4 July 2020; (iii) 15 June 2020, Non-essential stores/retailers are allowed to reopen; (iv) 23 June 2020, The government eases lockdown restrictions, which includes opening of pubs, restaurants, and accommodation sites starting 4 July 2020, provided they adhere to COVID Secure guidelines; Businesses and organizations that have been allowed to open elsewhere starting 15 August 2020 will also be permitted to open in those parts; (v) 4 November 2020, Care homes will be encouraged and supported to provide safe visiting opportunities as new national restrictions come into effect; (vi) 23 November 2020, National restrictions to end on 2 December 2020. Across England, this means the ‘stay at home’ order will end, and shops, and gyms, personal care, and the leisure sector will reopen. collective worship, weddings and outdoor sports can resume; (vii) 23 November 2020, Supporters will be welcomed back into stadia and sports venues in limited numbers from 2 December 2020; (viii) 2 December 2020, In England updated jobcentre guidance will apply to customers, and will ensure essential support is provided while keeping colleagues and customers safe. There are guidelines for Local Restriction Tier 1 (Medium) and Tier 2 (High), as well as for Local Restriction Tier 3 (Very High).
|12C - Others||
(i) 16 March 2020, Schools are closed except for children of key workers; (ii) Social distancing is in place. A ban is in place on all social events and gatherings; (iii) 11 May 2020, The government announced that primary schools will reopen on 1 June; (iv) 11 May 2020, The government announced that outdoor places will reopen on 13 May 2020 and that people can exercise more than once a day. Social distancing measures remain in place. Ban on public events and social gatherings remains in place; (v) 3 July 2020, The government outlined its plan to reopen schools in September, along with its safety guidelines; (vi) 14 July 2020, Face coverings to be mandatory in shops and supermarkets from 24 July 2020; (vii) 17 July 2020, Business events and conferences will be permitted to resume from 1 October 2020 provided rates of infection remain at current levels; (viii) 24 July 2020, members of the public will need to wear face coverings that cover the nose and mouth in shops, supermarkets, shopping centers and transport hubs, to help curb the spread of the virus. Exemptions include anyone under the age of 11, or those with disabilities, or hidden health conditions such as breathing difficulties, mental health conditions or autism; (ix) 27 July 2020, Public Health England launches the Better Health campaign to support people to live healthier lives and reduce their risk of serious illness, including COVID-19; (x) 30 July 2020, Government announces changes to rules on gatherings in Greater Manchester, West Yorkshire and East Lancashire after increase in COVID-19 cases; (xi) 10 August 2020, NHS Test and Trace and Public Health England will extend its partnership with local authorities to reach more people testing positive and their contacts; (xii) 13 August 2020, The Government has announced a series of tough new enforcement measures targeting the most serious breaches of social distancing restrictions (https://bit.ly/3fWQUiC); (xiii) 14 August 2020, Restrictions on household gatherings to continue in parts of North West, West Yorkshire, East Lancashire and Leicester; (xiv) 25 August 2020, Schools will have the discretion to require face coverings; (xv) 28 August 2020, The government has published detailed guidance for schools on contingency planning for areas with local lockdowns in place (https://bit.ly/3lxhgM6); (xvi) 28 August 2020, Restrictions on two households mixing have been lifted in parts of Greater Manchester, Lancashire, and West Yorkshire. (xvii) 1 September 2020, Schools and colleges across England will start to welcome back pupils with protective measures; (xviii) 9 September 2020, The government will reduce the number of people attending sporting events to pilot the safe return of spectators to 1,000 in light of the increase in the number of positive COVID-19 cases; (xix) 9 September 2020, The government has announced new measures to suppress the virus and keep the number of infections down. These cover the 'Hands. Face. Space' campaign, businesses to support contract tracing, enhanced reporting of breaches of COVID-19 guidelines, and others (https://bit.ly /3k996Ip); (xx) 10 September 2020, New social distancing rules are announced, which includes rule of 6 (Nobody should meet socially in groups of more than 6), COVID-secure weddings, wedding receptions and funerals can go ahead, up to a limit of 30 people, and hospitality venues will be legally required to request the contact details of every party, among others; (xxi) 21 September 2020, Informal childcare and caring arrangements will be allowed to continue; (xxii) 22 September 2020, The government has announced further national measures on face coverings, working from home, businesses, and meeting to address rising cases of coronavirus in England (https://bit.ly/303avZf); (xxiii) 24 September 2020, NHS COVID-19 app is launched across England and Wales; (xxiv) 28 September 2020, People in England will be required by law to self-isolate if they test positive or are contacted by NHS Test and Trace; (xxv) 12 October 2020, The Prime Minister has set out how the government will further simplify and standardize local rules by introducing a three tiered system of local COVID Alert Levels in England. The levels will be set at medium, high, and very high; (xxvi) 13 October 2020, Those considered most clinically vulnerable to receive updated guidance tailored to their local area, in line with new local COVID alert levels; (xxvii) 20 October 2020, Greater Manchester will move from local COVID alert level high to very high on 23 October; (xxviii) 21 October 2020, Hospitality venues in England are from today legally required to enforce the rule of 6 or face a fine of up to GBP4,000; (xxix) 21 October 2020, South Yorkshire will move from local COVID alert level high to very high on 24 October 2020; (xxx) 27 October 2020, Warrington will move from local COVID alert level 'high' to 'very high'. New measures will come into place; (xxxi) October 28, Nottinghamshire will move from local COVID alert level 'high' to 'very high' on 30 October 2020; (xxxii) 30 October 2020, Carlisle will move from local COVID alert level medium to local COVID alert level high from 31 October 2020; (xxxiii) 4 November 2020, New guidance for schools, colleges and early years are announced. During the national restrictions, face coverings should be worn by students and staff in secondary schools and further education colleges in communal spaces, outside of classrooms, where social distancing cannot be maintained; (xxxiv) 24 November 2020, The UK Government and the Devolved Administrations have agreed on joint arrangements for an easing of social restrictions over the Christmas period. Three households can form a ‘Christmas bubble’ from 23-27 December 2020. Individuals will also be able to travel between tiers and across the whole of the UK without restriction within the five-day period; (xxxv) 2 December 2020, The government has accepted the recommendation from the independent Medicines and Healthcare products Regulatory Agency (MHRA) to approve Pfizer/BioNTech’s COVID-19 vaccine for use; (xxxvi) 11 December 2020, The essential self-isolation period has been decreased from 14 days to 10 days [update]; (xxxvii) 30 December 2021, The Medicines and Healthcare products Regulatory Agency (MHRA) has given regulatory approval to the Oxford University/AstraZeneca vaccine [update]; (xxxviii) 4 January 2021, The Prime Minister has announced a national lockdown and instructed people to stay at home to control the virus, protect the NHS, and save lives [update].