This evening's main briefing was given by the Chancellor of the Exchequer.
Today, I am making available an initial £330 billion of guarantees – equivalent to 15% of our GDP.
That means any business who needs access to cash to pay their rent, the salaries, suppliers, or purchase stock, will be able to access a government-backed loan, on attractive terms.
And if demand is greater than the initial £330 billion 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.
On business rates:
Today, I can go further and provide those businesses with an additional cash grant of up to £25,000 per business – to help bridge through this period.
Additionally, I also am today extending the business rates holiday to all businesses in those sectors, irrespective of their rateable value.
That means every single shop, pub, theatre, music venue, restaurant - and any other business in the retail, hospitality or leisure sector – will pay no business rates whatsoever for 12 months, and if they have a rateable value of less than £51,000, they can now get a cash grant as well.
I also announced last week that we would be providing £3,000 cash grants to the 700,000 of our smallest businesses.
In light of the new circumstances, and to support their cash flow, today I can increase those grants to £10,000.
For vulnerable individuals:
For those in difficulty due to coronavirus, mortgage lenders will offer at least a three month mortgage holiday – so that people will not have to pay a penny towards their mortgage while they get back on their feet.