The Government has pledged to do ‘whatever it takes’ to support families and businesses through the coronavirus pandemic.
Speaking at the daily Covid-19 briefing, Chancellor Rishi Sunak said £330 billion will be made available to businesses who need to pay rent, salaries, suppliers or purchase stock.
The Chancellor described the situation as an ’emergency’ and said ‘never in peacetime have we faced an economic fight like this one’.
He added: “This struggle will not be overcome by a single package of measures or isolated interventions.
“It will be won through a collective national effort, every one of us doing all we can to protect family, neighbours, friends, jobs.
“This national effort will be underpinned by Government interventions in the economy on a scale unimaginable only a few weeks ago.
“This is not a time for ideology and orthodoxy, this is a time to be bold, a time for courage.
“I want to reassure every British citizen this Government will give you all the tools you need to get through this.
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“The Government will stand behind businesses small and large.
“I can announce today an unprecedented package of Government backed and guaranteed loans to support business to get through this.
“Today I am making available an initial £330 billion of guarantees, equivalent to 15 per cent of our GDP.
“That means any business who needs access to cash to pay their rent, their salaries, suppliers or purchase stock will be able to access a Government backed loan or credit on attractive terms.
“And if demand is greater than the initial £330 billion I’m making available today, I will go further and provide as much capacity as required.
“I said whatever it takes, and I meant it.”
Also speaking at the Downing Street pree conference, Prime Minister Boris Johnson added: “We must act like a wartime government and do whatever it takes to support our economy.
“We support millions of businesses and tens of millions families and individuals through coming months.
“The Government must and will act with a profound sense of urgency.”