TORY Chancellor Rishi Sunak yesterday unveiled a multi-billion bailout for big businesses in light of the coronavirus crisis.
Speaking at the daily press conference Sunak said: ‘The coronavirus is a public health emergency but it is also an economic emergency.’
He said: ‘I promise to do whatever it takes to support business throughout this crisis.
‘This national effort will be underpinned with government interventions in the economy which would be unthinkable a couple of weeks ago.
‘In the budget last week I set out a 30 billion pound package for businesses to deal with the crisis. The government will stand behind business small and large.
‘A government-backed loan or credit is to be made available. Today I am announcing 330 billion pounds guarentee – equivalent to 15% of our GDP. And if this proves not enough then I will announce further measures and further finance, whatever further financial support I decide is necessary. I said that we will do whatever it takes and we will.
‘I have today announced a new lending facility with the Bank of England to hand out loans to big businesses. We will do whatever it takes.’
He also announced a three month mortgage holdiday for all of those who are struggling to pay.
Tory PM Johnson said: ‘We must act like any wartime government and support businesses and that is what this press conference is about.’
Meanwhile, all non-urgent operations in England will be postponed from 15 April to free up 30,000 beds to help tackle the virus, NHS England has said.
The emergency policy will be in place for at least three months.
The government’s chief scientific adviser, Patrick Vallance, said it would be a ‘good outcome’ if 20,000 or fewer people died of the virus in the UK.
- Automotive giant Nissan has suspended production at its Sunderland plant as a result of the coronavirus outbreak.
The company, which employs around 7,000 people at Sunderland and supports thousands more jobs in the supply chain, said it had put production on hold because of disruption to its supply chains and a drop in market demand, both caused by the Covid-19 emergency.