UK Unveils $400 Billion Package of Loans for Coronavirus-Hit Business - TNBC UK

On Tuesday, British Prime Minister Boris Johnson announced a huge package to provide financial support for business to help them survive. The measure was taken due to the sudden tight social measures taken to prevent the spread of the coronavirus outbreak. A 330 billion pound ($400 billion, 363 billion euros) package of loans were unveiled by the Finance Minister Rishi Sunak. Boris Johnson said that Britain needed to act “like any wartime government.”

The finance minister soon after releasing the fund said the measures were equivalent to 15 percent of GDP. The budget will be available to “any business that needs access to cash” and gave assurance to go further if needed, the minister stated.

Earlier, a 30 billion pound was already declared in state aid for firms and individuals affected by the outbreak in last week’s budget. Later this week, MPs may pass emergency legislation to fight against coronavirus. On Monday, Johnson’s government had tightened the security measures and asked people to avoid unnecessary travel or social visits. The sudden social lockdowns have sparked warnings of massive job losses, especially in the leisure industry and hospitality sectors.

The Prime Minister further claimed that tighter actions are required to do “whatever it takes” to tackle the global pandemic. As per reports, the deadly virus has infected more than 189,000 and killed over 7,800 worldwide. In a news conference, he stated, “Yes, this enemy can be deadly but it is also beatable.”

“We know how to beat it. We know that we will beat it.

“And however tough the months ahead, we have the resolve and the resources to win the fight,” he added.

On Tuesday, the UK government ordered all the firms to tell its employees to work from home. The UK has confirmed 1,950 positive coronavirus cases. Near about 50,400 people in the UK have been tested for respiratory infection. More than 70 people who tested positive, have died. The country is now ramping up measures to tackle the outbreak.

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