Virus gives UK cover for “jam every day” giveaway

Virus gives UK cover for “jam every day” giveaway swahapattanaik

British finance minister Rishi Sunak on March 11 announced a spending splurge to ward off the economic effects of coronavirus in his maiden budget. His 30 billion pound stimulus plan included 7 billion pounds of spending specifically to help the economy cope with the fallout from the virus.

The Bank of England unexpectedly cut interest rates by half a percentage point to 0.25% on March 11 to bolster Britain's economy against disruption caused by the coronavirus outbreak. The central bank also lowered its counter-cyclical capital buffer for banks to zero from 1% and launched a new scheme to support lending to small businesses – both measures to keep borrowing flowing.

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