March 17, 2020 / 5:36 PM / 24 days ago

Factbox: UK unveils $400 billion loan guarantee plan as coronavirus bites

Britain's Prime Minister Boris Johnson and Chancellor of the Exchequer Rishi Sunak speak during a news conference on the ongoing situation with the coronavirus disease (COVID-19) in London, Britain March 17, 2020. Matt Dunham/Pool via REUTERS

LONDON (Reuters) - British Prime Minister Boris Johnson and his finance minister Rishi Sunak said they were facing an economic emergency due to the coronavirus but that the government would do whatever it takes to support the economy.

Following are the main measures announced by Sunak:

* Business support: an additional 330 billion pounds ($399 billion)of guarantees to business, worth 15 percent of GDP. If demand is greater than that the government will provide as much capacity as required. The scheme will be up and running by next week.

* Companies: Support liquidity for larger companies with a new lending facility. Lending support for small businesses by extending the business interruption loan facility. The scheme will be up and running by next week.

* Transport: Support package for airlines and airports

* Hospitality and leisure: Cash grant. Extension of the business rate holiday to all businesses in the sector.

* Mortgage holiday: Three-month mortgage holiday for those in difficulty.

*Jobs: Sunak said he would go further to support jobs and incomes.

Reporting by Guy Faulconbridge. Editing by Andrew MacAskill

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