Chancellor Rishi Sunak has announced at today’s coronavirus press conference that an ‘unprecedented package’ of government-backed loans worth £330 billion will be made available amid the coronavirus outbreak. The figure is equivalent to 15% of the UK’s GDP.
‘If demand is greater than the initial £330bn I’m making available today,’ he explained, ‘I will go further and provide as much capacity as required... I will do whatever it takes.’
The government is also extending the business rates holiday to all businesses in the hospitality sector regardless of size for 12 months, and is also implementing funding grants of up to £25k for smaller businesses.
The new package will be up and running by next week.
'Never in peace time have we faced an economic fight like this one,' the Chancellor said.