Chancellor announces £330bn of government-backed loans in coronavirus fight

Speaking at the daily press conference at Downing Street, the Chancellor said the pandemic was a public health emergency but also an "economic emergency". There would be government intervention of an "unimaginable" scale to support businesses hit by the effective-lock down. "This is a time to be bold, a time for courage. The government will stand behind business small and large," he said. Government-backed loans amounting to £330bn will be made available from Monday. An additional £20bn in grants and business rate relief was also announced bringing the total coronavirus 'war chest'...