Chancellor announces £330 billion package for businesses

Chancellor Rishi Sunak and Prime Minister Boris Johnson at today's press conference

Government-backed loans worth £330 billion will be made available to support businesses through the coronavirus crisis, the Chancellor has announced.

Rishi Sunak said the “unprecedented package” – equivalent to 15% of GDP – could go further if demand is greater, and vowed to do “whatever it takes” to help the economy.

He said he was extending the business rates holiday to all businesses in the hospitality sector and funding grants of up to £25,000 for smaller businesses.

And Mr Sunak said that for those in financial difficulty due to coronavirus, mortgage lenders will offer a three-month mortgage holiday.