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British Finance Minister Rish Sunak said that the government will provide 330 billion GBP worth of guaranteed loans for business to battle the coronavirus outbreak. 

“If demand is greater than that, will provide as much as capacity as is required,” Sunak told reporters during a press conference. “Will support liquidity for larger firms, there will be a new lending facility.”

Key takeaways

“Coronavirus is also an economic emergency.”

“We have never faced an economic fight like this.”

“We promise to do whatever it takes to support the economy.”

“This struggle will not be overcome by a single package of measures.”

“This national effort will be underpinned by government interventions in the economy on a scale unimaginable before.”

“We will support jobs and incomes. We will support business, we will do whatever it takes.”

GBP/USD reaction

The British pound erased a small portion of its losses against the dollar on these remarks. As of writing, the pair was trading at 1.2089, still erasing 1.45% on a daily basis.