Yesterday the Government announced an unprecedented package of government-backed loans and guarantees to support business. We will make available an initial £330 billion of guarantees so that any businesses who need access to cash to pay their rent, the salaries of employees, pay suppliers or purchase stock, will be able to access a government-backed loan.
The Chancellor has also announced tax cuts for British businesses to protect jobs worth nearly £20 billion and, following discussions with the mortgage industry, we are introducing a three month mortgage holiday for those in difficulty due to coronavirus – so that people will not have to pay a penny towards their mortgage.
We will give every British citizen the tools they need to get through this. We will support jobs, we will support incomes, we will support businesses, and we will help people to protect their loved ones.
The measures announced today provide a comprehensive, coordinated and coherent response to what is a serious and evolving economic situation.
We have never faced an economic fight like this one, but we are well prepared and as a Government we will do whatever it takes, and we will get through this.