Boris Johnson: "We must act like a wartime government and do whatever it takes to support our economy."
PM: "We know as a country that if we follow the scientific advice which is now being given, we know we can beat it...this government will do whatever it takes."
Sunak: "This effort will be underpinned with government intervention in the economy unimaginable only months ago"
Says it's "not a time for ideology or orthodoxy". Get ready for some mega, mega spending...
Says it's "not a time for ideology or orthodoxy". Get ready for some mega, mega spending...
SUNAK MEASURES
1) Makes £330bn of loan guarantees- equivalent 15% of GDP for businesses to cover cost
Says govt will make more available if necessary.
Huge sum.
1) Makes £330bn of loan guarantees- equivalent 15% of GDP for businesses to cover cost
Says govt will make more available if necessary.
Huge sum.
Sounds like the Bank of England is going to be engaged in some massive QE for business lending.
Sunak says that those businesses with insurance will be covered by the govt's action
Sunak is creating a cash grant of £25k for businesses
Sunak extending business rate holiday for all seriously affected business
This is a new budget- 6 days after his last one.
Sunak is creating a cash grant of £25k for businesses
Sunak extending business rate holiday for all seriously affected business
This is a new budget- 6 days after his last one.
3) MORTGAGES
For those with coronavirus, there will be a 3 months mortgage holiday
Not clear if they'll have to pay missed payments after 3 months
Sunak says he'll go much further in coming days to help people's personal finances
Nothing for renters yet though.
For those with coronavirus, there will be a 3 months mortgage holiday
Not clear if they'll have to pay missed payments after 3 months
Sunak says he'll go much further in coming days to help people's personal finances
Nothing for renters yet though.
