Chancellor Rishi Sunak announces £330bn fund for business loans during coronavirus outbreak

Chancellor Rishi Sunak announces £330bn fund for business loans during coronavirus outbreak

Chancellor Rishi Sunak announces £330bn fund for business loans during coronavirus outbreak

Mortgage lenders have agreed they will support customers that are experiencing issues with their finances as a result of Covid-19, including through payment holidays of up to 3 months.

The chancellor of the Exchequer has announced at least £330 billion in government-assured loans to keep businesses afloat and employees paid as well as three-month mortgage holidays for borrowers in need.

Chancellor Rishi Sunak has said the Government will provide £330bn in Government backed and guaranteed loans to United Kingdom businesses affected by the coronavirus.

Boris Johnson spoke to the press.

"It will be won through a collective national effort, every one of us doing all we can to protect family, neighbours, friends, jobs".

Mr Sunak said: "Some sectors are facing particularly acute challenges".

HEALTH Coronavirus
Live updates: Coronavirus pandemic puts countries on lockdown

Now that the government has explicitly said this, we will be covered by insurance which will be a massive relief to many businesses within the industry.

Britain said it would offer 330 billion pounds ($399 billion) of loan guarantees, equal to 15% of its gross domestic product, and other measures to help struggling business as it ramped up its attempt to fight the economic hit from coronavirus.

This includes extending the new business interruption loan scheme for SMEs from £1.2m up to £5m, with no interest due for the first six months, from next week.

These measures will come into practise at the start of next week.

Boris Johnson told his cabinet "we are engaged in a war against the disease which we have to win", following the Economic and Business Response Committee's first meeting. "If the government follow through on everything they have spoken about today, then we are going to be in a much better position than I thought we were going to be in yesterday".

When asked about low stock in supermarkets, he said: "We're absolutely confident that our supply chains are working and we have a farm to fork process for this country that means people don't need to stockpile".

Related news



[an error occurred while processing the directive]