The Indian industry in the UK has welcomed the “unprecedented” rescue package unveiled by Britain's Indian-origin Finance Minister Rishi Sunak to help businesses in Britain combat the impact of the coronavirus pandemic.
Sunak on Tuesday announced a whopping 330-billion pounds worth of rescue measures in the House of Commons, including easier to access loan facilities, liquidity assistance for businesses through the ongoing crisis period and a 12-month business rates holiday for the retail and hospitality sector.
“This unprecedented support package is very welcome. The Chancellor has extended a third of a trillion pounds in grants, guarantees, corporate paper and unlimited loans, showing the considerable flexibility the state has to act in times of crisis,” said Jim Bligh, Chair of the Confederation of Indian Industry (CII) UK India Business Forum
“This shock will hit all sectors of the economy and businesses of all sizes, so the Treasury must continue to show flexibility as government, citizens and businesses rise together to defeat the challenge of coronavirus,” he said.