Chancellor Rishi Sunak has unveiled a £12bn package in an attempt to protect the UK economy in the face of the worldwide coronavirus outbreak. The government’s response to COVID-19 , the impact of which has already panicked global stock markets, will include a business rates holiday for firms with fewer than 250 employees and the refunding of sick pay by the government for small businesses. The measures were announced hours after the Bank of England cut interest rates from 0.75% to 0.25% . Key points from Budget 2020 – all you need to know Mr Sunak warned of “temporary disruption” to the UK economy due to COVID-19 and admitted many Britons would be worrying about their health, finances and the future of their businesses. But there were wider concerns for the UK economy. Advertisement The Office for National Statistics revealed figures earlier on Wednesday to show there was zero growth in the three months to January 2020, prior to the coronavirus outbreak. And the Office for Budget Responsibility forecast UK growth would fall to 1.1% this year – down from 1.2% last year. More on Budget 2020 Coronavirus: Rishi Sunak urged to fulfil NHS coronavirus funding vow as BMA warns… Read full this story
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