Government-backed loans worth £330 billion will be made available to support businesses through the coronavirus crisis, the Chancellor has announced.
Rishi Sunak said the “unprecedented package” – equivalent to 15% of GDP – could go further if demand is greater, and vowed to do “whatever it takes” to help the economy.
The Chancellor, speaking at a press conference inside 10 Downing Street, also said he was extending the business rates holiday to all businesses in the hospitality sector and funding grants of up to £25,000 for smaller businesses.
And Mr Sunak said that for those in financial difficulty due to coronavirus, mortgage lenders will offer a three-month mortgage holiday.
GMB, Britain’s general union, has welcomed the Chancellors call to work with unions but says workers as well as businesses must be protected amid the Coronavirus crisis.
Tim Roache, GMB General Secretary, said:“The Chancellor is right that we need to work together to get through this, and GMB is willing to play our part.
“It’s crucial the Government acts urgently to secure jobs, wages and living standards while keeping workers on the front line safe.
“Support for business is welcome, but we need support for workers too because bills won’t go away while people self isolate.
“We need a sector by sector approach to securing the economy, mitigating losses now and crucially planning now for investment in recovery.”
