The government has unveiled a package of financial measures to shore up the economy against the coronavirus impact. It includes £330bn in loans, £20bn in other aid, a business rates holiday, and grants for retailers and pubs. Help for airlines is also being considered. Chancellor Rishi Sunak told a press conference it was an “economic emergency. Never in peacetime have we faced an economic fight like this one.” And he promised that if this package was not enough, he would go further.
From the hospitality industry to the airline sector, companies have warned that their long term survival is under threat. Mr Sunak said: “This is not a time for ideology and orthodoxy, this is a time to be bold, a time for courage. I want to reassure every British citizen this government will give you all the tools you need to get through this. “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 £330bn [for loans] 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,” he said.
Source: (BBC Website, March 2020).
