LONDON (CelebrityAccess) — The United Kingdom’s chancellor of the exchequer, Rishi Sunak announced the British government was taking extraordinary measures to backstop Britain’s business community as the world grapples with the economic disruption of the coronavirus pandemic.
The measures announced on Tuesday include an initial £330 billion of guarantees aimed at providing liquidity to large and small businesses.
“We will support jobs, we will support incomes, we will support businesses, we will help you protect your loved ones. We will do whatever it takes,” he wrote on social media on Tuesday.
According to Sunak, any business that needs access to cash will be able to access a government-backed loan, with more on tap if demand requires it.
As well, small and medium-sized businesses will be able to apply for a Business Interruption Loan Scheme of up to £5m with no interest for six months. The loan size was increased from £1.2m announced last week.
The new raft of measures follows similar initiatives last week that include dropping business taxes for small companies in the retail, hospitality and leisure sectors as well as a cash grant of up to £25,000 per business.
Sunak also brokered a deal with mortgage lenders to provide a three month mortgage holiday, allowing more space for affected businesses to get back on their feet.
— Rishi Sunak (@RishiSunak) March 17, 2020