UK Government pledges £330bn rescue plan for businesses

Speaking live on the BBC on the 17 March, the Chancellor Rishi Sunak has pledged a further £330bn to help businesses survive financial hardship during the outbreak.

“The government will stand behind businesses small and large. I can announce today an unprecedented package of government backed and guaranteed loans to support businesses to get through this. Today I’m making available an initial £330bn, equivalent to 15% of our GDP.

“That means any business has access to cash to pay their rent, their salaries, their suppliers or to purchase stock will be able to access a government backed loan or credit on attractive terms. And if demand is greater than the initial £330bn I’m making available today, I will go further and provide as much capacity as required.”

The support will come through two main schemes:

• A New lending facility agreed with the Bank of England
• Extending the new business interruption loan scheme for small businesses increasing borrowing potential from £1.2m to £5m

Both schemes will be up and running by the start of next week.

Check you local council pages for information on accessing some of the schemes available.