UK Government Unveils £330 Billion Business Loan Package Plan to Support Economy Amid Coronavirus Epidemic
17 March 2020, 18:51 | Updated: 18 March 2020, 14:10
UK government promises £330 billion to support business through the Coronavirus epidemic.
The UK government has pledged to loan businesses £330 billion to stop them from going bankrupt during the Coronavirus outbreak.
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Chancellor Rishi Sunak made the announcement during a press conference alongside Boris Johnson.
He said: "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.
“If demand is greater than the £330 billion I am making available today, I will go further and provide as much capacity as required.
"I said whatever it takes, and I meant it."
The Chancellor went on to insist he will announce new measures to ’support people’s financial security’ in the coming days.
He added: “In the coming days I will go much further to support people’s financial security.
“In particular, I will work with trade unions and business groups to urgently develop new forms of employment support to help protect people’s jobs and their incomes through this period.”
More conferences will be held to update the public in the coming days.