AFTER a day of unremittingly bad news, it was imperative Chancellor Rishi Sunak grasped the scale of the coronavirus crisis when he addressed the nation last night.
By announcing what he described as an “unprecedented package of financial support” that includes the guarantee of £330bn of loans to businesses, Mr Sunak has acknowledged that previously unimaginable times call for previously unimaginable measures.
As well as pledging subsidised loans and cash payments to hospitality and leisure firms, the Chancellor has also promised to provide tax breaks and other measures worth £20bn to protect companies and households suffering amid the economic collapse.
These are bold and badly-needed measures, but they may not be sufficient to keep the country afloat.
Therefore, the most significant part of Mr Sunak’s statement was his promise to do “whatever it takes” to keep companies and individuals solvent. No matter how bad things get, he must live up to those words.
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