Chancellor Rishi Sunak has unveiled new measures to help businesses.
They include grants, loans and mortgage holidays.
What has he promised?
- An initial £330 billion of govt-backed loans (equivalent to 15 per cent of GDP) so businesses can pay salaries, rent and for stock
If demand is greater, govt will 'provide as much capacity as required.'
This will be delivered through two schemes:
- A new lending facility from the Bank of England
- For small businesses - extending the business interuption loan scheme (loans up to £5million with no interest due for the first six months).
- In the coming days Mr Sunak will look at a specific package for airlines and airports.
- For hospitality businesess which do have pandemic insurance, the government's policy will allow them to claim, Mr Sunak said.
- There will be cash grants for small businesses (rateable value less than £51,000) which can't claim on insurance
- Business rates holiday for all shops, pubs, theatres or restaurants.
- For workers in difficulty due to coronavirus - a three month mortgage holiday. Nothing has been announced with regard to renters.
"In the coming days I will go much further to support financial security," he said.
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