UK announces $400b package of govt-backed loans for business

LONDON: Britain has announced what finance minister Rishi Sunak called an “unprecedented package” of government-backed loans worth £330 billion ($400 billion, 363 billion euros) for firms hit by the coronavirus (Covid-19) outbreak.

Sunak said the measures were equivalent to 15 percent of GDP and were available to “any business that needs access to cash… will be able to get it”, promising to “go further” if necessary.

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