Government reveals plan to help businesses amid COVID-19

Government reveals plan to help businesses amid COVID-19

UK government

The government revealed yesterday a plan to help safeguard the British economy from the evolving outbreak of COVID-19.

As measures to contain the spread of the virus have been put in place, several businesses are being negatively hit.

Indeed, many people are staying indoors during a time when they are being told to self-isolate to protect themselves from infection.

This puts an enormous strain on businesses in areas such as hospitality, which rely on costumers to dine in their restaurants, bars and pubs.

Elsewhere, the travel industry is feeling the bite of containment measures such as travel bans.

On Tuesday, the British government announced a plan to help these businesses, including at least £330 billion in loans – equivalent to 15% of GDP.

This allows any business to access a government backed loan or credit, Chancellor Rishi Sunak said.

Chancellor Rishi Sunak also announced that, in the coming days, a support package specifically for airlines and airports will be discussed.

“We must act like any wartime government and do whatever it takes to support our economy,” said Boris Johnson in a Tuesday afternoon press conference.

The Chancellor also revealed the highlights of the plan in a thread of 11 tweets. I have selected a few to share:

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