Following on from last week Budget, the Chancellor, the Rt Hon Rishi Sunak MP, has announced further measures to combat the impact of Coronavirus on both people and businesses.
Earlier today, the Chancellor announced an unprecedented package of government-backed loans and guarantees to support businesses. He announced that the government will make an initial £330 billion of guarantees – equivalent to 15 per cent of our GDP – so that all businesses that needs support to help cover their rent, the salaries of employees, pay suppliers or purchase stock, will be able to access a government-backed loan regardless of their size.
He also announced tax cuts for businesses to protect jobs worth nearly £20 billion, the introduction of a three-month mortgage holiday for those in difficulty due to coronavirus and financial aid for small and medium sized businesses to cover the cost of Statutory sick pay.
In response to these measures Member of Parliament for the Cities of London & Westminster, Nickie Aiken said, “I am delighted that the Chancellor has announced this huge swathe of new policies and legislation to cope with the impact of Coronavirus. Given how events are unfolding, it’s becoming increasingly clear that that businesses of all sizes are going to be affected. I have been particularly concerned for the hospitality industry given the number of people that it employs right across our constituency. These measures should help curb the virus’s impact on both businesses and the people they employ."
The Chancellor has also indicated that the government will be urgently looking at other measures including those to support renters, those forced to go on maternity leave due to self isolation and financial support for self employed. Further announcements are expected in the next few days.
You can read the Chancellor’s announcement today in full here
