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The UK has offered businesses £330 billion worth of loans to stop them from going bankrupt during the coronavirus outbreak


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The UK has offered businesses £330 billion worth of loans to stop them from going bankrupt during the coronavirus outbreak

The UK government will guarantee £330 billion of bank loans to firms to stop them from going bankrupt during the coronavirus outbreak, Chancellor Rishi Sunak has said.The amount is equivalent to 15% of the UK’s GDP.’Any business who needs access to cash to pay their rent, their salaries, suppliers, or purchase stock, will be able…

The UK has offered businesses £330 billion worth of loans to stop them from going bankrupt during the coronavirus outbreak
  • The UK government will guarantee £330 billion of bank loans to firms to stop them from going bankrupt during the coronavirus outbreak, Chancellor Rishi Sunak has said.
  • The amount is equivalent to 15% of the UK’s GDP.
  • ‘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,’ Sunak said.
  • Visit Business Insider’s homepage for more stories.

LONDON — The UK government will guarantee £330 billion of bank loans to firms to stop them from going bankrupt during the coronavirus outbreak, Chancellor Rishi Sunak has said.

Speaking at a press conference alongside Boris Johnson, he said the government would guarantee the lending package — which is equivalent to 15% of the UK’s GDP — in order to support both large and small businesses struggling to pay rent and salaries. Further money will be available if businesses demand it.

“Today I am making available an initial £330 billion of guarantees, equivalent to 15% of our GDP,” he said.

“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. If demand is greater than the £330 billion I am making available today, I will go further and provide as much capacity as required.

“I said whatever it takes, and I meant it.”

That support will be delivered in two main forms. Larger firms will be able to access a lending facility through the Bank of England, which Sunak said would guarantee “low-cost, easily accessible” commercial loans.

For small- and medium-sized businesses, he will extend the new business interruption loan scheme announced last week so that businesses can borrow up to £5 million with no interest due for the first six months.

Both schemes will be running by the start of next week.

As of Tuesday afternoon, 1,950 people in the UK were confirmed to have had coronavirus, 71 of whom have died.

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