Downing Street unfurls $420 billion bailout for UK firms hit by coronavirus


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Downing Street unfurls $420 billion bailout for UK firms hit by coronavirus

Late on Tuesday, the 17th of March 2020, the British Government of PM Boris Johnson said that it would create a $420 billion (£330 billion) bailout package in form of low-cost debts to help businesses see through these times of national health emergency adding that the Government would also proffer a tax breakworth of £20 billion as a number of UK businesses, both small- and medium-scale enterprises had been facing off a growing risk of getting bankrupted unless further fiscal stimulus.

Apart from that, followed by the reveal of the statement, the Britain’s newly appointed Finance Minister, Rishi Sunak, who took the office last month following resignation of former Finance Minister Sajid Javid due to a contrary view in budgetary spending, had reiterated on Tuesday (March 17th) that Britain would do whatever necessary to cushion up the coronavirus-hit businesses, many of which have already been at the edge of a near-bankruptcy.

Meanwhile, alongside the UK PM Johnson, Sunak said on Tuesday (March 17th), “This is not a time for ideology and orthodoxy. This is a time to be bold, a time for courage,” while Johnson said, “We must act like any war-time government and do whatever it takes to support our economy”.