By Andy Bruce
LONDON (Reuters) – Britain will take further desperate measures on Friday to stem the collapse of its economy when Treasury Secretary Rishi Sunak outlines plans to help companies and workers affected by the corona virus outbreak.
Sunak has met unions and industry associations who have warned that mass layoffs are imminent unless help can be found within days instead of weeks.
As the outbreak of the corona virus occurs worldwide, governments, corporations and investors are facing the greatest public health crisis since the 1918 influenza pandemic.
Sunak is now considering tax holidays for companies and is reversing the tax system that will help you make money to transfer cash directly to companies so that they can continue to pay employees, the Financial Times reported.
"We are working hard to find out what further support we can use, especially in the area of employment promotion, by looking at some models elsewhere and to find out which model is most suitable for workers here today," Sunak told legislators in Parliament's Treasury Committee on Wednesday.
The 39-year-old has adopted "whatever it takes" as his chorus, borrowed from former European Central Bank President Mario Draghi, the use of which has helped to suppress a euro zone debt crisis.
In the five weeks since he became finance minister in a shock fund, Sunak has announced a budget that will include a £ 30 billion recovery plan, and this week he has corporate loan guarantees of £ 330 billion ($ 380 billion) ) hung up.
However, these measures have failed to restore confidence in the fifth largest economy in the world.
The pound plunged to its lowest level against the dollar in 35 years on Wednesday, and UK government bond prices fell as numerous large and small companies said they needed to cut jobs to survive.
These factors prompted the Bank of England to cut interest rates to 0.1% on Thursday and make additional £ 200bn in bond purchases.
Asked on a BBC panel show what Sunak would announce on Friday, Health Minister Matt Hancock said: "I can only mark my words – we will do everything we can to support people in times like these."
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