“Whatever it takes”

Less than a week after the Budget, Chancellor the Exchequer Rishi Sunak revealed a package of measures designed to help the UK economy withstand the financial impact of the coronavirus. Promising further support if necessary, he commented: “We have never, in peacetime, faced an economic fight like this one”.


  • The Chancellor announced a £330 billion bailout package
  • A suspension of business rates was extended
  • Mortgage lenders will offer borrowers a mortgage holiday

Less than a week after the Budget, Chancellor the Exchequer Rishi Sunak revealed a package of measures designed to help the UK economy withstand the financial impact of the coronavirus. Promising further support if necessary, he commented: “We have never, in peacetime, faced an economic fight like this one”.

“We have never, in peacetime, faced an economic fight like this one” (Rishi Sunak)

The Chancellor allocated £330 billion for companies who need access to cash equating to 15% of UK GDP. This will be delivered to larger companies via a new lending facility, and to medium-sized and smaller companies via an extension to the new Business Interruption Loan Scheme.

Having already suspended business rates for companies in the retail, leisure and hospitality sectors with a rateable value of less than £51,000, he extended this suspension to all businesses in these sectors, alongside cash grants of up to £25,000. The Chancellor extended the £3,000 cash grant for any business qualifying for small business rates relief to £10,000. Mortgage lenders will offer borrowers a mortgage holiday of at least three months for those who fall into financial difficulty because of the coronavirus. He also promised help for airlines and airports.

The British Chambers of Commerce (BCC) welcomed the Chancellor’s announcement, but urged the Government to ensure that cash reaches businesses quickly. Meanwhile, the Confederation of British Industry (CBI) called for “urgent decisions” on wages accompanied by “wider whole-economy” measures in areas such as VAT and National Insurance to support a broader range of companies.