Chancellor Rishi Sunak has announced, on the 17th March, that £330 billion of loan guarantees will now be made available to support businesses in the face of the Coronavirus pandemic. This is the equivalent of 15% of the UK GDP.
Below is the summary of measures to be taken. The full version can be found on the Government website.
To ensure that businesses have access to the funds they need, the government will be providing:
The Government are providing £20 billion to help the most-affected firms manage their cashflow by:
Further to this:
This action taken by the government means that over £3.5 billion in additional funding will be provided to the devolved administrations for support to businesses in Scotland, Wales and Northern Ireland.
It should also be noted that in the Chancellor’s speech, there was mention of a potential support package for airlines and airports in the face of worldwide travel bans.
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