‘Chancellor Rishi Sunak has warned of a significant but temporary disruption to the UK economy caused by the coronavirus outbreak, in his Budget.
But he promised a coordinated response, saying: “We will get through this together.”
“We are doing everything we can to keep this country and our people healthy and financially secure,” he told MPs.
The Bank of England announced an emergency cut in interest rates just ahead of the Budget on Wednesday.
Mr Sunak who was promoted to chancellor just four weeks ago after Sajid Javid quit the government, has had to hastily re-write the government’s financial plans to deal with coronavirus.
He will announce more than £600bn for infrastructure projects over five years, aimed at delivering on the Conservatives’ election promise to boost economic growth outside of London and the south-east of England.
But a planned National Infrastructure Strategy, including details of how the extra money will be spent, has been delayed.
And Mr Sunak will deliver another Budget in the Autumn, which is likely to be include more ambitious plans to “level up” the economy and deal with post-Brexit trading arrangements with the EU.
The chancellor is expected to announce more cash for the NHS to deal with coronavirus.
Businesses are also crying out for practical measures to keep them afloat if coronavirus takes a significant toll on the economy.’