Budget 2020: virus measures
£12 billion action plan to combat deadly coronavirus
Crisis: tough action on coronavirus
A series of measures to tackle the deadly coronavirus have been unveiled as part of a £12 billion package of support for companies facing severe trading problems.
Chancellor Rishi Sunak announced the emergency funding alongside a further £18bn to deliver on Boris Johnson’s election pledge to “level up” the UK.
The government will cover the cost of salaries and bills and offer loans of up to £1.2 million to support small and medium-sized businesses.
Announcing his first Budget after the Bank of England cut the interest rate by 0.5%, Mr Sunak said: “The government will offer a generous guarantee on those loans, covering up to 80% of losses, with no fees, so that banks can lend with confidence.
“This will unlock up to £1bn of attractive working capital loans to support small businesses, with more as needed.”
The Chancellor pledged to put hardworking people first, put more money in their pocket, invest a record amount in infrastructure, boost public services, back business and set out a vision for a greener future.