Coronavirus: Britain's £350bn business rescue package a 'lifeline' for Hampshire trade

The huge surge in cash was revealed by chancellor Rishi Sunak yesterday as part of a new support measures being pulled together by government.

The package of loans and grants have been set up to help the UK cope with the lockdown or large parts of the economy and came less than a week after a £12bn pledge in the chancellor’s budget to soften the impact of Covid-19.

Speaking at a press conference yesterday, Mr Sunak stressed he would do ‘whatever it takes’ to see the UK through the crisis.

‘The coronavirus 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. But we are well prepared. We will get through this,’ he said.

The bail out fund also included freezes on business rates relief and mortgage freezes for the most vulnerable hit by the deadly virus.

Ross McNally, chief executive of the Hampshire Chamber of Commerce – which supports hundreds of firms across the county – said the support was desperately needed.

Urging businesses to investigate what immediate help is available to them, he added: ‘This may well be the lifeline that sustains them given the scale of disruption already emerging from the pandemic.

‘Government must ensure cash and practical help is prioritised right now for businesses on the front line, including in the worst-affected sectors and supply chains such as hospitality.

‘These businesses are essential to their local communities and will play a leading role in helping recovery post Covid-19.’

In a further plea, Mr McNally called on the government to make the support ‘quick and easy to access’ and said his organisation stood willing to help.

A fresh plea was also made to Downing Street to continue to invest in entrepreneurs, to help businesses grow and sustain jobs.

Mr McNally added: ‘his is an unprecedented challenge and many more government measures will be needed before the situation can improve.’