£350 billion pledged to support the economy

The Chancellor has announced a massive package of financial measures to support the economy against the coronavirus impact.

It includes £330bn in loans, £20bn in other aid, a business rates holiday, and grants for retailers and pubs. Help for airlines is also being considered.

It follows a raft of measures announced in last week’s Budget  and which included a one-off £3,000 cash grant to those businesses currently eligible for SBRR or Rural Rate Relief, and increasing the business rates retail discount in England to 100% for 2020-21 for properties below £51,000 rateable value.

The Chancellor went much further yesterday when he pledged £350bn of help for companies as well as mortgage "holidays" for those in financial difficulty and £20bn in other aid to protect businesses.

Chancellor Rishi Sunak said: “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 £330bn [for loans] 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.”

He is extending the business rates holiday to all firms in the hospitality sector and funding grants of between £10,000 and £25,000 for small businesses and for those in financial difficulty due to coronavirus, mortgage lenders will offer a three-month mortgage holiday.

Full details of how people and businesses can access this support will be posted when available.