Boris Johnson launched a desperate bid to stop coronavirus effectively sending the UK bust tonight – with hundreds of billions pumped into bailing out businesses and speculation utility bills and council tax could be scrapped. The PM and Chancellor Rishi Sunak said they were acting like a ‘wartime government’ and would do ‘whatever it takes’ to keep the economy going. ‘We know we will beat it,’ Mr Johnson said. Mr Sunak said he was ready to give support on a scale that was ‘unimaginable’ only a few weeks ago. ‘This is not a time for ideology or orthodoxy. This is a time to be bold,’ he said. Some £330billion of loans to businesses will be guaranteed by the government – equivalent to 15 per cent of GDP. Mr Sunak said there would be a cash grant of £25,00 per business, and every business in the retail, hospitality and leisure sectors would be exempt from rates for a year. ‘Today I am making available an initial £330billion of guarantees equivalent to 15 per cent of our GDP,’ he said. ‘That means that any business who needs access to cash to pay their rent, their salaries, suppliers or purchase stock will be… Read full this story
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Chancellor Rishi Sunak unveils £330BILLION coronavirus bailout: Government to offer businesses loans up to £5m, three-month mortgage holidays, and no rates for pubs and restaurants for a YEAR have 217 words, post on www.dailymail.co.uk at March 17, 2020. This is cached page on Europe Breaking News. If you want remove this page, please contact us.