Support for Big Businesses and Lockdown Continuation
- Chancellor extends Coronavirus Large Business Interruption Loan Scheme to include larger firms
- Loans up to £25m now available for businesses with turnover over £45m
- Initially, firms with turnover over £500m were excluded from the scheme
- Chancellor Rishi Sunak wants to ensure no viable business is left without support
- Government announces extension of lockdown for at least three weeks
- Extension follows advice from Sage that relaxing measures would increase virus spread and economic damage
The UK government has extended the Coronavirus Large Business Interruption Loan Scheme to include businesses with a turnover of over £45m, allowing them to apply for loans up to £25m. Initially, firms with a turnover of more than £500m were excluded from the scheme. Chancellor Rishi Sunak aims to ensure no viable business is left without support as they work to protect jobs and the economy. The government has also announced a three-week extension to the lockdown following advice that relaxing measures would increase the spread of the virus and cause economic damage. Foreign Secretary Dominic Raab led an emergency Cobra committee and cabinet meetings on social distancing measures.
Factuality Level: 10
Factuality Justification: The article provides accurate information about the extension of the Coronavirus Large Business Interruption Loan Scheme and includes relevant quotes from Rishi Sunak and Dominic Raab regarding the decision to extend the scheme and the continuation of lockdown measures. It also mentions the advice from SAGE and its impact on public health and the economy.
Noise Level: 3
Noise Justification: The article provides relevant information about the extension of the Coronavirus Large Business Interruption Loan Scheme and the decision to extend the lockdown, with quotes from key figures. However, it lacks in-depth analysis or exploration of the consequences of these decisions and does not offer much actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: The extension of the Coronavirus Large Business Interruption Loan Scheme will impact financial markets and companies by providing additional support to businesses with turnover greater than £45m, potentially affecting their access to loans and government support.
Financial Rating Justification: This article discusses the expansion of a government loan scheme for businesses affected by the coronavirus pandemic, which has direct implications on financial markets and companies’ access to funding.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text.
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