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  • coming again.

  • I want to go through our overall plan for beating this new Corona virus.

  • First, we must stop the disease spreading to a point where it overwhelms R N H s on every country in the world has the same problem.

  • This is a disease that is so dangerous on Dhe so infectious that without drastic measures to check its progress, it would overwhelm any health system in the world.

  • And I've used the Italian health system.

  • It is excellent on the problem is not with health systems.

  • It's the numbers off of sufferers.

  • That's why we announced the steps yesterday that we did, advising against all unnecessary contact steps that are unprecedented since World War Two.

  • They will have an effect on the spread of the disease.

  • The shielding of vulnerable groups will also reduce suffering.

  • And I want to thank everybody at this stage for what we're all doing out to follow this advice.

  • I stress that although the measures already extremely may well have to go further and faster in the coming days to protect lives on dhe the N.

  • H.

  • S.

  • Secondly, we're doing all we can and as quickly as we can to increase the capacity of the N HS.

  • That means more testing, more beds, more ventilators on more trained staff.

  • It means greater support for N HS and other staff, and it means much better data at a technology.

  • Third, we must do all we can to boost science and research.

  • We must study this disease test drugs that already exist and have bean through medical trials to see what helps treat severe cases on dhe.

  • Search for a vaccine full.

  • We must act like any wartime government and do whatever it takes to support our economy.

  • And that's the main purposes of this press conference this afternoon.

  • We must support millions of businesses on tens of millions of families and individuals through the coming months, and to do that the government machine must earn will respond with a profound sense of urgency.

  • Thousands of brilliant officials are already working around the clock, but we must doom or on dhe faster.

  • The chancellor will be saying much more about this in a moment, with further announcements in the coming days.

  • Fifth, we will need to strengthen other public service is that will be under great pressure from the direct and indirect effects of the disease, such as the effects of staff shortages on from the economic pressures.

  • All institutions will be under great pressure on dhe.

  • We will therefore invest hugely in the people that we all rely on them around and again.

  • I want to I want to thank all our public servants for what they are already doing.

  • Ultimately, to beat this crisis, we will need a combination of better science, technology, medicine, data, government operations, economic support, learning from other countries and social support.

  • As time goes on, we will learn more and more about the disease and the effects of our actions.

  • And while we need national unity, we also need international cooperation.

  • And although we now need to impose physical distance between ourselves, we must at the same time have closer social support for each other.

  • Yes, this enemy can be deadly, but it is also beatable and we know how to beat it.

  • And we know that if as a country we followed the scientific advice that is now being given, we know that we will beat it on DDE.

  • However tough the months ahead, we have the resolve and the resources to win the fight and repeat, this government will do whatever it takes are now handover for more on that too risky scene at the chance of the exchequer.

  • Thank you, Prime Minster.

  • Good afternoon, everybody.

  • The Corona virus pandemic is a public health emergency, but it is also an economic emergency.

  • We have never in peacetime faced an economic fight like this one.

  • I know that people are deeply worried.

  • I know that people is anxiety about the disease itself is matched only by their anxiety about their livelihoods.

  • Last week I set out an initial economic response in the budget.

  • I promise to do whatever it takes to support our economy through this crisis and that if the situation changed, I would not hesitate to take further action.

  • And that is what I want to begin doing today.

  • This struggle will not be overcome by a single package of measures or isolated interventions.

  • It will be one through a collective national effort.

  • Every one of us doing all we can to protect family, neighbors, friends, jobs.

  • This national effort will be underpinned by government interventions in the economy on a scale unimaginable only a few weeks ago.

  • This is not a time for ideology on Orthodoxy.

  • This is a time to be bold.

  • A time for courage.

  • I want to reassure every British citizen.

  • This government will give you a ll.

  • The tools you need to get through this, We will support jobs.

  • We will support incomes.

  • We will support businesses and we will help you protect your loved ones.

  • We will do whatever it takes in the budget.

  • Last week, I sent out the first stage of our economic response with a £30 billion package of support for people and businesses.

  • But I also said in the budget that as a situation evolves, we would take further action.

  • And as the Prime Minister set out yesterday, we're now approaching the fast growth part of the upwards curve.

  • He has set out the next stage of our public health response.

  • And so I now wanted to update everyone on the next stage of our economic response.

  • First, the government will stand behind.

  • Business is small and large.

  • I can announce today an unprecedented package of government backed and guaranteed loans to support business.

  • To get through this today, I'm making available on initial £330 billion of guarantees equivalent to 15% of our GDP.

  • That means any business who needs access to cash to pay their rent their salaries, suppliers or purchase stock will be able to access a government backed loan or credit on attractive terms.

  • And if demand is greater than the initial £330 billion I'm making available today, I will go further and provide as much capacity as required, I said.

  • Whatever it takes and I meant it that support will be delivered through two main schemes to support liquidity amongst the larger firms.

  • I have today agreed a new lending facility with the governor of the Bank of England to provide low cost, easily accessible commercial paper to support lending to small and medium sized businesses.

  • I'm extending the new business interruption loan scheme.

  • I announced that budget last week so that rather than loans of £1.2 million it will now provide loans of up to £5 million with no interest you for the 1st 6 months.

  • Both of these schemes will be up and running by the start of next week, and I am also taking a new legal power in the cove.

  • It bill toe offer whatever further financial support I decide is necessary, some sectors are facing particularly acute challenges.

  • In the coming days, my colleague the secretary of state for transport and I will discuss a potential support package specifically for airlines on dhe airports.

  • And yesterday I asked my Cabinet colleagues to urgently convene meetings over the coming days with business leaders and representatives in the most affected sectors.

  • Toe identify other specific opportunities to support them and their industries, including possible regulatory for parents.

  • I repeat, we will do whatever it takes.

  • Second, as well as access to finance business, need support with their cash flow and fixed costs.

  • Following the change medical advice yesterday, there are concerns about the impact on pubs, clubs, theaters and other hospitality, leisure and retail venues.

  • Let me confirm that for those businesses which do have a policy for insurance that covers pandemics, that the government's action is sufficient and will allow businesses to make an insurance claim against their policy.

  • But many of those businesses don't have insurance, so we will need to do more.

  • I announced last week that for businesses in the retail, hospitality and leisure sectors with a rate herbal value of less than £51,000 they will pay no business rates this year.

  • Today, I can go further and provide those businesses in those sectors with an additional cash grant of up to £25,000 per business to help bridge through this period.

  • Additionally, I am also extending today that business rates holiday to all businesses in those sectors, irrespective of their rate herbal value.

  • That means every single shop, pub, theater, music, venue, restaurant and any other business in the retail, hospitality or leisure sector will pay no business rates whatsoever for 12 months and if they have a rate it'll value of less than £51,000.

  • They can also now get a cash grant as well.

  • I also announced last week that we would be providing £3000 cash grants to the 700,000 of our smallest businesses in light of the new circumstances and to support their cash flow.

  • Today, I can increase those cash grants to £10,000 taken together on top of the unlimited lending capacity I've already announced.

  • This is a package of direct support to businesses through tax cuts and grant in this financial year worth more than £20 billion and that comes on top of the existing multibillion pound package.

  • I set out a budget which included reimbursing small and medium sized companies for the cost of stature.

  • Treat sick pay.

  • Local authorities will be fully compensated for the cost of these measures on the devolved administrations will receive at least three and 1/2 £1,000,000,000 in additional funding.

  • As a result of these measures to provide support to businesses in Scotland, Wales and Northern Ireland, I repeat, again we will do whatever it takes.

  • Third, I will strengthen our support for people's and individuals at budget.

  • Last week, I committed £1 billion to support the financial security of vulnerable people through 1/2 a £1,000,000,000 boost to the welfare system and 1/2 a £1,000,000,000 hardship fund for local authorities.

  • Following discussions with the industry today, I can announce that for those in difficulty due to Corona virus, mortgage lenders will now offer a three month mortgage holiday so that people will not have to pay a penny towards their mortgage costs while they get back on their feet and in the coming days, I will go much further to support people's financial security.

  • In particular, I will work with trade unions and business groups toe urgently develop new forms of employment support to help protect people's jobs and their incomes through this period.

  • As I said last week, this is first and foremost a public health emergency, and I reiterate today our commitment that whatever resources the N h s needs, it will get.

  • Let no one doubt our resolve.

  • When I said in the budget that we will do everything we can to keep this country and our people healthy and financially secure, I meant it.

  • The measures I've announced today are part of a comprehensive, coordinated and coherent response to what is a serious and evolving economic situation.

  • These are only the first steps I will set out the next stage of our response in the coming days.

  • We have never faced an economic fight like this one.

  • But we are well prepared.

  • We will get through this and we will do whatever it takes.

  • Thank you.

  • Thanks very much, Rishi.

  • You want to add at this stage?

  • Would just would thank you very much.

  • We'll just go straight to questions, then it is Laura Kuhns.

  • Let Yes, please.

  • Laura Kuhns, both in the BBC.

  • Thanks very much, Chancellor and Prime Minister, you've just a nice a vast package of support.

  • But I know you said the loan scheme should be up and running next week.

  • You said you'll have more measures to come up in the coming days.

  • But can you guarantee two firms you need to pay wages now and families who worry about paying the rent now that they will not lose out while you work through the details of what comes next on a question, if I may, Sir Patrick.

  • Obviously, the scientific advice changed dramatically in the last couple of days.

  • But do you have any regrets about not taking more draconian measures sooner?

  • Well, just on the on the first point, Nora, which was to me in tow to Rishi be in no doubt that the state is is asking people to do something to make very considerable changes to their lives.

  • And it is only right, therefore, that the state should stand behind people as they make those changes.

  • And that's what the government, that's what a society is there to do.

  • It is there to look after people through thick and thin on to make sure that we get through this together.

  • And that's what we're gonna do.

  • If I add Laura, you're absolutely right.

  • That people should have access is support they need as quickly as possible.

  • That's why when a ll the interventions that we designed at budget and today we've had in our mind the ability thio execute on operationalize them as soon as possible.

  • There's no good having measures which sound brilliant but ultimately can't be delivered in time, given the pace of what we're dealing with.

  • What I would say for people who urgently need help is to do two things.

  • One is to talk to their local authorities if they're in a particularly vulnerable position.

  • Local authorities of well placed to provide direct support through their assistant schemes.

  • And as we announce a budget last week, an extra half a £1,000,000,000 is going to local authorities to supplement the support that they already give on with regards to that creditors and banks.

  • We have had extensive discussions with the banks who understand the situation that people are in, and will they have assured me, provide flexibility to those people in those circumstances and understanding.

  • And in answer to the second question, we laid out of beginning the package of measures that would need to be looked at.

  • And we said they need to come in at the right time and they need to come in in the right combination.

  • And what we've said is that the stage of the epidemic is now on to the fast upstroke.

  • We are at the stage where these need to come in.

  • They need to come in forcibly as they have done.

  • And that's the right action to take the right time and the other packages that we talked about.

  • The other things that maybe also necessary may also need to come in so that this is a fast moving situation in which we need to take the right decisions at the right time off this epidemic.

  • And it's clearly one that's a very serious situation.

  • Thanks.

  • Uh, South Kate's going use someplace.

  • Coyotes question for each piece.

  • Sir Patrick, the jaw dropping piece of research from Imperial College yesterday suggested that we would go to a superb that the only option was to go for a suppression strategy which could take upto 18 months and was there for that long because we were looking for a vaccine.

  • Is that how you see it?

  • Is a vaccine the goal as you understand it, Mr.

  • CNAC, you've suggested a package that in part will be ballad for three months.

  • Is that how long you see this crisis lasting and your offering predominantly loans?

  • How are people ever gonna help business is ever gonna pay stuff back.

  • Given the nature of this crisis and prime Minister, some people can away from yesterday's briefing somewhat confused about guidance.

  • For instance, for Theo Elderly, do you accept that the buck stops absolutely with you in this crisis?

  • And do you take responsibility for the actions of your father?

  • Right.

  • I think I got it.

  • Yes.

  • So the work from Imperial Clearly that work's been feeding into sage since the very beginning of the process.

  • New focuses on being on the stage committee.

  • And so it was something that we looked at we asked for.

  • We asked for that piece of work to come through that particular piece on dhe.

  • Just to be clear, what suppression in that paper refers to is exactly what we've been talking about, which is squashing this right down on making sure that we give room for the N HS to cope, and that's that's what messages in terms of the time frame.

  • This needs to be done in a way that we can look ATT, releasing it at some point and seeing what the effect is.

  • None of us anywhere in the world know how to do that yet in terms of whether it bounces back or not at that point.

  • So that's what's gonna have to happen after we've got this under control is to look at how you then release these measures of the right time to monitor the effects in terms of vaccines on vaccines are the answer to this.

  • It's remarkable the progress that's been made, its only probably three or four years ago, when the standard answer would be it takes 20 years to make a vaccine.

  • It's now the case that there's a vaccine in the UK that may go into the clinic for first testing in April.

  • I still believe we will be lucky to get a vaccine for mass use in a year from the start of this, that would be extraordinary But there is progress.

  • There are multiple different times of vaccines, and there are other approaches as well, which are being looked at, which may provide protection.

  • So there's a lot going on.

  • As the prime minister, prime minister said, is crucial that we support that research to get this into the right place to bed, to treat people now, which may be possible to existing drugs and to promote vaccines.

  • Sam, Thanks for the question on the three month of the mortgage holidays, I think that's just that's just one start, and that's just one aspect of the package.

  • Obviously, as a situation evolves, we will weigh, will review absolutely everything.

  • But I would defer to Patrick in terms of timing for what we believe the right spread of the virus to be to a broader point about what's the right shape of an economic response package.

  • I want to think about in a few different ways.

  • You know, one is we've got monetary policy and we've got fiscal policy on.

  • I think what you saw last week was in comparison with many jurisdictions around the world.

  • You saw the UK showing global leadership in a coherent, coordinated approach between monetary and fiscal policy, which I think has a multiplier effect beyond the individual measures.

  • And I think that was noticed S so I think in that sense, been very significant monetary policy action already.

  • You saw that coordination again today.

  • As I said, we've worked on a very particular financing scheme with the Bank of England again showing that the two arms of economic policy can work together to provide support.

  • And then you can benchmark what we're doing with other countries around the world that there's a mix off.

  • Loan schemes are important because ultimately businesses need to have liquidity to get through.

  • What is it?

  • Difficult bridge.

  • But we have unveiled, I think, what would benchmark is a very comprehensive and sizable package of direct fiscal support for business through tax reliefs and cash grants.

  • That said today £25,000 for retail leisure hospitality business is up 51 k £10,000 for several 100,000 businesses eligible for small business rate relief.

  • And that comes on top of business rates holidays that we've given Thio several 100,000 businesses compensation for statutory sick pay on Also, as I said today, we plan to go further with regard to employment support and supporting people's jobs and incomes.

  • And we want to work with business and the unions to achieve that.

  • And again, that will be very significant, direct fiscal action.

  • So I think, actually, look around.

  • We're doing the right things.

  • It needs to be a balance of, of all measures.

  • But we want to be best in class.

  • And all of them, Yeah, find Sam.

  • Of course, the buck stops with me and I take full responsibility for all the actions that this government is taking.

  • All the decisions were taking difficult, though many of them are on.

  • All the advice were giving to everybody.

  • And what I'd say to people who are thinking about this advice, the more we follow the advice of the of our scientific medical advisers, and the more closely we do what they tell us to do, the better our chances collectively of slowing the disease of protecting the N hs on dhe of saving life.

  • And also, of course, the better weakened.

  • Protect her in N.

  • H s.

  • Uh, that the less economic damage there will ultimately be, And of course, people care about pubs on their right to care about pubs and restaurants.

  • But that is why we're announcing the package, the extraordinary package that Rishi has just unveiled today.

  • That is the way that we should be working to look after our economy.

  • Robert Person.

  • Many businesses are facing collapsing demand, particularly in the leisure industries.

  • They also face demands to pay their taxes from last year's business.

  • They have demands to pay wages.

  • Why is your help in the form of debt and grants that maybe repayable when thes business owners have got no confidence about what the future may hold?