UK to unveil more business support as coronavirus bites

UK to unveil more business support as coronavirus bites

Britain will on Tuesday unveil additional support for businesses hurt by the coronavirus outbreak after the government advised people to avoid pubs, clubs, restaurants, cinemas and theaters, Trend reports with reference to Reuters.

Finance minister Rishi Sunak is due to announce the measures at the government’s daily news conference, a finance ministry source said.

In his first budget statement to parliament last week, Sunak announced 30 billion pounds ($37 billion) of measures to support public healthcare, affected businesses and provide general economic stimulus in the face of the coronavirus.

Adam Marshall, the director general of the British Chambers of Commerce, said the government needed to take further steps.

“Government has got to do more on the upfront costs facing businesses. Banks have got to do more to get support to the front line. And also I think the UK has to do more to coordinate a global economic response,” he told the BBC.

Suspension of tax bills would be the most useful immediate step, he said.

French President Emmanuel Macron said on Monday that his government would guarantee 300 billion euros worth of loans, and promised that no French company of any size would be allowed to collapse.

British companies have already been hit.

The world’s biggest catering firm Compass Group warned on Tuesday that its half-yearly operating profit would be lower than expected after European and North American governments and businesses sought to contain the spread of the virus.

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