Rishi Sunak promises £4.6 billion in Lockdown Grants to firms in the retail, hospitality and leisure sectors

Companies in retailing, hospitality and leisure will get an allowance of up to £9.000 per property, according to the Treasury.

The new money comes after the Prime Minister announced  on Monday night that the sectors would need to be shut down until at least mid-February to slow the virus's spread.

The Treasury said the payments will cost £4 billion and assist 600.000 commercial property across Britain.

Throughout this pandemic we have taken rapid action to safeguard lives and livelihoods and today we are announcing an additional funding injection to help business and jobs until spring.

Another £594million will go to councils and to devolved nations to help companies not covered by the new subsidies.

The £4bn move is expected to assist 600.000 companies in surviving the prospect of closures in future weeks.

A discretionary range is provided through local and local public authorities.

Companies valued at between £15.000 and £51.000 can claim a £6.000 grant, while £9.000 is available for properties valued at over £51.000.