The government is due to unveil more financial plans to help the economy during the coronavirus outbreak in a news conference later today.
In Boris Johnson’s first daily update on Monday he acknowledged the economy was facing “a severe blow” because of the virus as he outlined a series of measures for the country.
He urged everyone to avoid unnecessary social contact and to work from home where possible.
New chancellor Rishi Sunak is expected to appear at the now daily Downing Street news conference later today.
The anticipated economic announcement will come less than a week after the chancellor delivered his first Budget.
It included £12bn targeted at coronavirus measures, made up of at least £5bn for the NHS in England and £7bn for business and workers across the UK.
The figure is likely to increase significantly given how the crisis has developed so quickly.
Reacting to the Budget, Personal Finance Society chief executive Keith Richards said at the time: “This Budget will be remembered as one where the UK geared up to battle against the economic fallout from the coronavirus outbreak.”
He added: “We hope the government will review ways to improve access to financial advice and guidance for all.”
Ahead of the Budget, Sunak reassured the cabinet that his team’s plan will help make the UK “one of the best placed economies in the world” to manage coronavirus.
The Bank of England also reduced interest rates from 0.75 per cent to 0.25 per cent.
Borrowing levels returned to the lowest rates in history in an emergency move to combat the economic impact of coronavirus.
Meanwhile some legislation will pass through the Commons faster than normal this week.
The Budget will get “nodded through” without opposition MPs calling for a vote.
Former FCA chief executive Andrew Bailey took over as governor of the Bank of England yesterday, replacing Mark Carney.
He has already pledged to take “prompt action” when necessary to mitigate the damage of the economy as coronavirus continues to spread.
Bailey said he was talking to epidemiologists to help work out the economic impact.
