'We must act like war-time government': £330 billion promised in support for business hit by coronavirus

Boris Johnson sought to reassure the public that coronavirus is ‘beatable’ in a press conference that also saw the chancellor Rishi Sunak promise £330 billion in loans and guarantees to businesses.
Watch more of our videos on Shots! 
and live on Freeview channel 276
Visit Shots! now

Boris Johnson said coronavirus is “so dangerous and so infectious that without drastic measures to check its progress it would overwhelm any health system in the world", and that the UK "must stop the disease spreading to a point where it overwhelms our NHS".

He said that yesterday’s measures – which included advising people against going out and socialising and told people to work from home – would help prevent the spread of the disease and added: "I stress although the measures are extreme we may well have to go further and faster.

"And we must act like any war-time government and do anything it takes to support our economy."

Chancellor Rishi Sunak with Prime Minister Boris Johnson at a media briefing in Downing Street, London, on Coronavirus (COVID-19). Matt Dunham/PA WireChancellor Rishi Sunak with Prime Minister Boris Johnson at a media briefing in Downing Street, London, on Coronavirus (COVID-19). Matt Dunham/PA Wire
Chancellor Rishi Sunak with Prime Minister Boris Johnson at a media briefing in Downing Street, London, on Coronavirus (COVID-19). Matt Dunham/PA Wire

Chancellor Rishi Sunak then spoke to outline the support that the government would be providing for businesses threatened by the coronvirus outbreak.

He said the coronavirus is "a public health emergency but also an economic emergency" and said that government-backed loans worth £330 billion would be made available to businesses, with more on the way if there was the ‘demand’.

He said this would help businesses pay their rent, their salaries, suppliers or purchase stock with government-backed loans on ‘attractive terms’.

Sunak also responded to concerns raised around the futures of pubs, clubs and theatres following government advice that people avoid them yesterday.

He said: “For those venues which do have a policy that covers pandemics - the government action is sufficient to allow them to make claims.”

Cash grants of £25,000 per business will be provided for the smaller businesses in that sector who don't have insurance "to help bridge through this period".

Businesses in the sector will get a 12 month "business rates holiday" and that the business interruption plan outlined in the budget would be extended to claims of up to £5 million, with no interest repayments due for the first 6 months.

Sunak also announced support for individuals in the form of a mortgage holiday that will last for three months for those that need it.