Uk pledges 39bn to protect economy from coronavirus
You're referring to the UK government's announcement on March 17, 2020, to provide a £39 billion package to support the economy during the COVID-19 pandemic.
The package, which was announced by Chancellor Rishi Sunak, aimed to protect jobs, support businesses, and maintain economic stability during the crisis. The measures included:
- A £12 billion package to support businesses, including a £5 billion loan scheme for small and medium-sized enterprises (SMEs) and a £7 billion guarantee scheme for larger businesses.
- A £10 billion package to support the self-employed, including a £2.5 billion grant scheme and a £7.5 billion loan scheme.
- A £5 billion package to support the NHS and other public services, including a £3.2 billion increase in NHS funding and a £1.8 billion package to support local authorities.
- A £2 billion package to support the most vulnerable members of society, including a £1 billion package to support food banks and a £1 billion package to support homeless services.
- A £1 billion package to support the arts and culture sector, including a £300 million package to support museums and galleries and a £700 million package to support the music and theater industries.
The package was designed to help mitigate the economic impact of the pandemic, which had already begun to affect the UK economy in March 2020. The measures were intended to support businesses, protect jobs, and maintain economic stability during a period of significant uncertainty and disruption.
It's worth noting that the £39 billion package was a significant injection of funds into the economy, and it was widely seen as a necessary step to support the UK's economic recovery from the pandemic.