On 17 March, the Government announced a package of measures totalling £350 billion aimed at supporting the financial wellbeing of British businesses, individuals, and families. The Government recognises that the outbreak of COVID-19 may lead to consumers facing financial difficulty and uncertainty. Therefore, we have acted to support customers who may find it challenging to make mortgage or credit payments and may require access to further credit. The major banks and building societies have pledged to provide relief to customers impacted by Covid-19, including deferring mortgage and other loan repayments, waiving fees on savings accounts and increasing overdraft or credit card limits.
The Government is working closely with the Bank of England and the Financial Conduct Authority (FCA) and the Chancellor meets with both on a frequent basis to discuss these issues. On 25 March, a letter from the Chancellor, the Governor of the Bank of England, and the CEO of the FCA to the CEOs of UK banks was published regarding bank lending and the provision of credit during this crisis. The Government stands ready to announce further action wherever necessary.