On Tuesday 17 March the Government provided further updates on its response to the outbreak of coronavirus. Read our summary of the most significant new measures impacting travel, businesses and people's personal finances.
Travel
Foreign Secretary Dominic Raab announced additional precautionary measures relating to international travel.
The Foreign and Commonwealth Office (FCO) currently advise against any non-essential international travel with immediate effect, for an initial period of 30 days.
This change in travel advice reflects the pace at which other countries are either closing their borders or implementing restrictive measures in response to the global pandemic.
Read the formal update from the FCO here.
Read the UK Government’s guidance for British people travelling and living overseas here.
Businesses
Chancellor Rishi Sunak also updated on the Government’s economic response to the outbreak.
Announcements to help businesses included:
- Increased access to government backed loans: £330 billion will be made available for businesses to pay rent, salaries, purchase supplies etc. If demand is higher, government will increase this.
- To support liquidity amongst larger firms: government has agreed a new lending facility with the Bank of England to provide low-cost commercial paper. This is to be up and running by start of next week.
- To support lending to small businesses: government will be extending the new Business Interruption Loan Scheme. Rather than offering loans of up to £1.2 million as announced in the Budget 2020 last week, loans of up to £5 million will be made available for small businesses with no interest due in the first 6 months. This is to be up and running by start of next week.
- Businesses with existing insurance policies: government has said that businesses with existing insurance policies which include pandemics will be able to claim against insurance if necessary.
- Cash grants for the UK’s smallest businesses to be increased: cash grants for the UK’s smallest businesses are to be increased from up to £3,000 per business (as announced in the 2020 Budget last week) to £10,000 per business.
Read the RIBA's response to these financial support announcements here.
Sunak emphasised that these are only the first steps in the UK’s response to the virus, and that further steps are to be outlined in coming days.
People
Announcements to strengthen support for people and individuals included:
- Mortgage lenders will now offer a 3-month mortgage holiday for those affected by COVID-19.
- Government will work with businesses to urgently develop new forms of employment support to help protect people’s jobs and incomes through this period.
Note that advice and updates from the Government are likely to be ongoing as the virus develops.
