UK finance minister Sunak
- UK to make available GBP330B of guaranteed loans for businesses
- will discuss support package for airlines, airports
- if demand is greater, than I will provide as much capital as is required
- to support liquidity for larger firms there will be new lending facility
- to support lending toSMES, I'm extending business interruption loan scheme
- both schemes will be up and running at the start of next week
- transport minister and I will discuss support packages for airlines and airports
- business leader meetings in the coming days to support their industries
- on hospitality and leisure, says business and insurance on pandemic can claim
- business and in hospitality and leisure will be given an additional cash grant
- mortgage lenders will offer a 3 month mortgage holiday to those in difficulty
- every single shop, pub and others in hospitality will pay no business rates for 12 months
- in HS will get whatever resources it needs
- these are only the 1st steps I will set out next stage in coming days
- we are trying to find ways to help firms meet cost of employees without letting them go
- both Prime Minister and I are in regular contact with G7 and G 20 colleagues
- given the situation, the typical demand-side actions may not have the same benefit as they normally would
Meanwhile Prime Minister Boris Johnson is saying:
- people have no reason to stockpile
- we only have a few weeks to build thousands of ventilators
- industry is responding with energy
- the more zealously we can follow scientific advice, the more lies we can save and the quicker the economy will bounce back
The GBPUSD has picked itself up as the stimulus measures have been announced. The current price trades at 1.2083. That is up from a nice round low at 1.2000. The price moved up to test test the 100 bar moving average on the 5 minutes chart at 1.2091.
