TOP STORY Chancellor unveils £330 billion coronavirus relief package UK: The British government has pledged £330 billion for companies to access loans, extending the business rates holiday to all firms in the hospitality sector and funding grants of up to £25,000 for small businesses. LATEST NEWS FEATURES VIDEOS
Editor's comment 18/03/2020
• There's no point in beating around the bush, the coronavirus pandemic is the biggest crisis the global hospitality sector has faced in my lifetime.
With international travel at a virtual standstill and occupancy in freefall, we are already seeing hotels closing and staff losing their jobs.
But we have to try to remain positive, to work together as an industry and to implement strategies to see us through what is going to be an extremely difficult - but finite - period. It's important to remember that the worst of this is going to over in a matter of months at worst, with things potentially improving in a few weeks when infection rates have hopefully peaked and are falling.
Here in the UK it has been encouraging to see swift and decisive action from the government - with chancellor Rishi Sunak announcing a colossal £330 billion package of measures to keep the economy afloat through the pandemic, with the promise of more to come if needed. These measures include government-backed loans, extending the business rates holiday to all firms in the hospitality sector and grants of up to £25,000 for small businesses.
A bone of contention is that until the government forces hospitality business to close, while still advising the public not to patronise them, they can't claim against their insurance for loss of earnings. There is significant pressure from within the industry, and other sectors, for this to change. In the US there is talk of a rescue package of nearly $1 trillion, with smaller scale moves expected in the EU. Governments do realise the severity of the problem and it is to be hoped that they will help to keep hospitality businesses afloat until the pandemic abates.
Here at BHN we want to use the collective experience and knowledge of our readership for the good of the sector, and we are appealing for you to share any hints and tips you might have that can help others. We particularly want thought leadership articles from industry figures who can offer words of wisdom and encouragement as well as practical advice.
Please drop us a line at george@internationalhospitality.media if you'd like to contribute - we'd love to hear from you.
George Sell, editor
Katie Houghton
Group head of sales: media and events +44 (0)7535 135 116
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