UK Finance Minister Sunak says “we should be in no doubt about seriousness of economic situation”.
Key notes
- Says over 4 mln jobs have been furloughed.
- Says over 20,000 coronavirus business interruption loans have now been approved.
- Says today we are announcing a new micro loan scheme for small businesses.
- Says businesses can borrow up to 25% of turnover, up to 50,000 pounds.
- Says loans will not be tested against businesses’ future viability.
- Says government will guarantee 100% of small business loan.
- Says government will pay interest on small business loans for first 12-months.
COVID-19 cases update
Meanwhile, according to the BBC, there are now more than 157,000 confirmed coronavirus cases in the UK and more than 21,000 people with the virus have died.
- The actual number of cases is estimated to be much higher though – up until recently it was mostly those in hospital and some NHS and care staff who were being tested.
- More than half a million people have been tested for coronavirus so far.
GBP/USD update
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GBP/USD Forecast: UK at “the moment of maximum risk”
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