Chancellor Rishi Sunak has launched a £330bn business rescue package to protect both businesses and individuals amid the coronavirus outbreak.
Announced 24 hours after Boris Johnson encouraged working from home and advised against mass gatherings and going to pubs and bars, in today’s daily press conference, the chancellor said the plan is designed to avert business failures and save jobs across sectors damaged by the outbreak.
Sunak confirmed that interest-free business interruption loans will be increased to £5m for UK businesses.
A cash grant of up to £25,000 for those businesses with a rateable value of less than £51,000 was also outlined as well as three-month mortgage holidays for those in difficulty because of coronavirus.
Additionally, due to the ever-changing scenario, the chancellor went on to promise further measures to “support people’s financial security” in the coming days.
The government will also be working closely 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.”
The measures will be introduced by the start of next week, with more support to be announced later this week, he said.
Sunak was keen to reassure the United Kingdom that the government would be doing “whatever it takes” to ensure businesses and individuals can battle through and come out the other side of the crisis.
AMP will continue to follow developments and provide further updates.
Following last week’s budget, in which the chancellor cut business rates, the BRC welcomed the “bold” plans.
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