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Covid-19: Support for Businesses

Part of Treasury – in the House of Commons on 24th March 2020.

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Photo of Rishi Sunak Rishi Sunak The Chancellor of the Exchequer

The Government remain committed to doing what they can to support businesses, our people and public services. In the last week, I have announced unprecedented measures to support business, including over £300 billion of Government-backed loans, £20 billion of tax cuts and grants, a VAT deferral worth 1.5% of GDP and a landmark job retention scheme guaranteeing 80% of the wages of furloughed workers. We believe that these measures represent the most comprehensive and generous suite of interventions of any major developed country in the world.