Wednesday 21 October 2020
Home      All news      Contact us      RSS     
aol.com - 7 month ago

Coronavirus economic measures: Key points

Chancellor Rishi Sunak has vowed that the Government will give people all the tools they need to get through the coronavirus crisis.Here s a look at the key measures he announced to help the economy.1/Chancellor @RishiSunak has announced further measures to support the UK economy against COVID-19 https://t.co/2F9dBTd4yV. This thread highlights some of the key measures. #Coronaviruspic.twitter.com/01qOlxPLjM HM Treasury (@hmtreasury) March 17, 2020 330 billion Government-backed loansMr Sunak unveiled an unprecedented package of Government-backed loans worth 330 billion equivalent to 15% of GDP to help businesses.He said: That means 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 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. Mortgage holidaysThe Chancellor said homeowners would get a three-month mortgage holiday if they are suffering difficulties due to the outbreak.He told the press conference: For those in difficulty due to coronavirus, mortgage lenders will now offer a three-month mortgage holiday so that people will not have to pay a penny towards their mortgage cost while they get back on their feet. (PA Graphics) Cash grantsMr Sunak said he was providing cash grants of up to 25,000 to smaller businesses in the retail, hospitality and leisure sectors with a rateable value less than 51,000 to help bridge through the period.He also said he would increase the 3,000 cash grants to 700,000 of the country s smallest businesses announced in the Budget to 10,000. Business rates holidayThe Chancellor said he was extending a business rates holiday for those smaller businesses to all businesses in those sectors irrespective of their rateable value.It means shops, pubs, theatres, music venues and restaurants will pay no business rates for 12 months. People s financial securityMr Sunak said he would soon announce further measures to support people s financial security . In particular, I will work with trade unions and business groups to urgently develop new forms of employment support to help protect people s jobs and their incomes through this period, he said.(function(i,s,o,g,r,a,m){i[ GoogleAnalyticsObject ]=r;i[r]=i[r]||function(){ (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o), m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m) })(window,document, script , //www.google-analytics.com/analytics.js , ga ); ga( create , UA-72310761-1 , auto , { name : pacontentapi }); ga( pacontentapi.set , referrer , location.origin); ga( pacontentapi.set , dimension1 , By Harriet Line, PA Deputy Political Editor ); ga( pacontentapi.set , dimension2 , 813e3201-e8a0-4b38-bd1a-e5141a596900 ); ga( pacontentapi.set , dimension3 , paservice:news,paservice:news:uk ); ga( pacontentapi.set , dimension6 , story ); ga( pacontentapi.set , dimension7 , composite ); ga( pacontentapi.set , dimension8 , null); ga( pacontentapi.set , dimension9 , null); ga( pacontentapi.send , pageview , { location : location.href, page : (location.pathname + location.search + location.hash), title : Coronavirus economic measures: Key points });


Latest News
Hashtags:   

Coronavirus

 | 

economic

 | 

measures

 | 

points

 |