The fourth SEISS grant is currently worth 80 percent of average monthly trading profits, capped at £7,500 in total.

Rishi Sunak said the fifth grant will be worth 80 percent of average monthly trading profits for people who have seen a drop in turnover of 30 percent or more.

Like the fourth grant, the fifth grant worth 80 percent will be capped at £7,500 in total and it will be subject to tax.

However, the fifth grant will be worth significantly less for people whose turnover has decreased by less than 30 percent.