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“Next week, businesses will be able to get government-backed business continuity loans from their banks,” British Finance Minister Rishi Sunak announced on Wednesday.

“Helping businesses is the best way to protect jobs. There is more to do, we are working at pace on further support for employment,” Sunak added. “Lots of companies feel they will be able to bridge through this period with help from new Treasury/BoE scheme.”

GBP/USD reaction

The GBP/USD pair ignored these remarks and was last seen trading at 1.1815, down around 2% on the day.