Chancellor unveils ‘unprecedented’ plan to rescue businesses devastated by coronavirus

The Chancellor of the Exchequer has announced that the government will step in to help businesses and individuals affected by coronavirus. 

Rishi Sunak addressed the nation at today’s daily COVID-19 news conference in Downing Street.

The Prime Minister began the briefing by saying that the new measures he announced yesterday will reduce suffering, adding: “I stress that although the measures are extreme, we may have to go further and faster in the coming days to protect the NHS.”

Rishi Sunak then took over, saying he will do ‘whatever it takes’ to support the economy, saying the UK needs a ‘collective national effort’ to protect people and businesses devastated by coronavirus. 

He added: “This government will give you all the tools you need to get through this – we will support people, support jobs, we will do whatever it takes.”

The Chancellor  went on to unveil an ‘unprecedented package’, giving businesses access to £330bn of government backed loans.

Small businesses can access a loan of up to £5 million, with no interest due in first six months.

For the retail and hospitality sector, he announced a package of no business rates, alongside a £25,000 cash grant available to everyone.

On top of that, the Chancellor addressed people’s concerns about whether insurers would pay out to pubs, clubs and cafes, saying that the Government will make sure insured businesses receive payouts, and non-insured companies get payouts of £25,000.

Mortgage lenders are also set to offer a three month ‘mortgage holiday’ to help protect anyone who cannot afford to pay, according to the Chancellor, added that they will go ‘much further’ over the coming days. 

It comes after Mayor of London Sadiq Khan wrote to the Prime Minister to ask him to do more to help businesses affected by the pandemic.

As of today, Tuesday March 17th, 1,950 in the UK have tested positive for coronavirus, with 14 more dying from the virus, bringing the total number to 69.

Yesterday Boris Johnson told the nation that people need to start working from home, saying: “Now is the time for everyone to stop non-essential contact with others, we need people to start working from home.”

The Prime Minister also said the government no longer supports mass gatherings, as everyone should stop all non-essential contact with others, including avoiding pubs, clubs and other venues, with people taking only essential travel.

He also had some new isolation advice: “Last week we asked everyone to stay at home with a high temperature or a new and continuous cough.

“Today we need to go further, it looks like we are approaching the fast part of the upward curve and cases could double every 5 or 6 days.

“If you or anyone in your household has one of those two symptoms, you should stay at home for 14 days – only going out for exercise at a safe distance.”

During the same address, chief medical officer Chris Whitty stressed that most people will only have a mild or moderate disease, before adding: “This is going to go on for some time – it will be a prolonged period. But a significant minority will need hospital care, a small amount of those will need intensive care and sadly some will die.”

Whittey also said that anyone over 70, people under 70 with significant health issues and pregnant women should take additional care to minimise their social contact.