Britain has announced a set of measures to help companies affected by the spread of the Coronavirus, which includes the availability of loan guarantees worth 330 billion pounds ($ 399 billion), equivalent to 15 Percent of its GDP.
According to Reuters, Finance Minister Rishi Sonak said it was a time for audacity, a time for courage, and Prime Minister Boris Johnson was speaking next to him.
Sonak said he is ready to increase the amount of loan guarantees to ensure liquidity reaches all companies that need it in light of the slowdown in activity.
Other measures announced on Tuesday include a three-month suspension of mortgage payments for individuals in difficulty and an expansion of the property tax suspension for small businesses to all companies in the hospitality and entertainment sectors.
Those companies will also receive a cash grant and the government will consider providing a support package for airlines and airports, Sonak said.
