Newspaper headlines: £350bn ‘war chest’ to save UK economy
The front pages are dominated by Chancellor Rishi Sunak’s promise of an “unprecedented” package of financial measures to support the UK economy through the coronavirus outbreak. “We’ll do whatever it takes”, is the headline for the Metro, echoing the promise Mr Sunak made during Tuesday’s announcement. The measures include £330bn in loans for businesses, a 12-month business rates holiday for hospitality, retail and leisure companies and three months of mortgage relief for those in financial difficulty, the paper reports.
For the Daily Mail, the rescue package, which also includes £20bn in other aid for businesses, is a “kiss of life”, as the virus threatens to “wipe out entire businesses”. The chancellor also said more measures were still to come, including direct “employment support” for jobs and incomes and rent holidays for tenants, the paper reports.
The i says the chancellor has torn up the rule book in a bid to save businesses and “inject hope” into the economy. It says the “unprecedented low-cost loans” being offered are worth 15% of GDP.
The Daily Express describes the £330bn in loans as a “war chest to keep Britain in business”. The paper’s front page also highlights new Foreign Office advice that British nationals should avoid all non-essential foreign travel for at least 30 days.
Military references were plentiful in the news conference, with Prime Minister Boris Johnson repeatedly comparing the government’s task in confronting the virus to a war effort, the Guardian reports. Mr Johnson also hinted the government was edging closer to shutting schools, with many struggling to stay open as staff and students stayed at home, according to the paper.
“This won’t beat Britain,” declares the Mirror front page, which reports that the fight against coronavirus has “stepped up” with a number of measures announced on Tuesday. Along with the chancellor’s financial package, the NHS has also postponed all routine operations to free capacity, the paper says.
The Daily Star strikes a similarly defiant tone on its front page, saying that “Britain’s bulldog spirit” has “kicked into gear” as the country prepares for months of working from home.
Airlines are also set to receive a separate bailout “within days”, according to the Times, while Mr Sunak is said to be considering significant cuts to employers’ rate of national insurance and top-ups to universal credit. Although smaller businesses have been offered cash grants of £25,000 to help cover costs, the chancellor stopped short of offering larger grants, rather than loans, the paper reports. The Office for Budget Responsibility has warned businesses may struggle to pay back loans, while the chancellor also faced criticism for offering “mortgage holidays” but failing to address the needs of renters, the paper adds.
Despite what the Telegraph describes as a “massive bailout”, the paper says the government is facing demands to move faster amid warnings that tens of thousands of workers faced being laid off. Its front page also carries a picture of British-Iranian Nazanin Zaghari-Ratcliffe, who has been temporarily released from prison in Iran as the country attempts to curb the spread of coronavirus. The mother, from north London, was jailed in 2016 for spying charges that she has always denied.
The UK’s package of financial measures came as the US and other European countries also ramped up economic support for companies and workers, the Financial Times reports. The White House has proposed sending a cheque to every American, while Paris will guarantee £300bn of bank loans to businesses to ensure they do not collapse, the paper says.
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