Rishi Sunak announced a package of Government-backed loans worth £330mbillion to support businesses during the coronavirus outbreak as the number of confirmed cases rose by up to 400 on Tuesday. He said the Government will “be bold” in its support for the economy. Mr Sunak announced: “This struggle will not be overcome by a single package of measures or isolated interventions.
“It will be won through a collective national effort, every one of us doing all we can to protect family, neighbours, friends, jobs.
“This national effort will be underpinned by Government interventions in the economy on a scale unimaginable only a few weeks ago.”
Mr Sunak added: “The Government will stand behind businesses small and large.
“I can announce today an unprecedented package of Government backed and guaranteed loans to support business to get through this.
“Today I am making available an initial £330 billion of guarantees, equivalent to 15% of our GDP.
“That means any business who needs access to cash to pay their rent, their salaries, suppliers or purchase stock will be able to access a Government backed loan or credit on attractive terms.
“And if demand is greater than the initial £330 billion I’m making available today, I will go further and provide as much capacity as required.
“I said whatever it takes, and I meant it.”
More to follow…