Make UK comments on latest financial measures

This includes unlimited loans and guarantees to support firms and help them manage cashflows through this period. The Chancellor will make available an initial £330 billion of guarantees – equivalent to 15% of UK GDP.

At last week’s Budget, the Chancellor provided £30 billion of support to the economy to deal with the crisis by investing in public services, increasing support for vulnerable people and providing business with tax reliefs and loans.

He said he would take further action as the situation evolved and outlined further measures including:

To ensure that businesses have access to the funds they need, the government is providing:

• support for liquidity amongst large firms, with a major new scheme being launched by the Bank of England to help them bridge Coronavirus disruption to their cash flows through loans

• increasing the amount businesses can borrow through the Coronavirus Business Interruption Loan Scheme from £1.2 million to £5 million, and ensuring businesses can access the first 6 months of that finance interest free, as Government will cover the first 6 months of interest payments

• including new legal powers in the Covid Bill enabling the government to offer whatever further financial support we think necessary to businesses

Providing £20 billion of business rates support and grant funding to help the most-affected firms manage their cashflow through this period by:

• giving all retail, hospitality and leisure businesses in England a 100% business rates holiday for the next 12 months

• increasing grants to small businesses eligible for Small Business Rate Relief from £3,000 to £10,000

• providing further £25,000 grants to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value over £15,000 and below £51,000

Commenting on the latest financial measures announced by the Chancellor, Stephen Phipson, Chief Executive of Make UK, the manufacturer’s organisation, said:

"At a time of such unprecedented economic volatility industry will be re-assured that the Chancellor recognises the severity of the situation and is prepared to do whatever it takes to protect the economy.

"Business understands that dealing coronavirus was always going to be a massive task and, given the speed of events, there may be extra measures needed. Nothing should be off the table to protect people and businesses ."