UK government promises 330 billion pounds to help businesses through crisis

Britain's Chancellor Rishi Sunak has announced 330 billion pounds ($399 billion) of government-backed loans and guarantees as part of "unprecedented" measures to help businesses and families amid the novel coronavirus outbreak.

At Tuesday's daily Downing Street media briefing, Sunak said the United Kingdom faced "a public health emergency" and "also an economic emergency".

The chancellor also announced homeowners would get a "three-month mortgage holiday" if they are suffering difficulties due to the outbreak.

"This government will give you all the tools you need to get through this," Sunak said.

He also announced interest-free business interruption loans will be increased to 5 million pounds and 12-month business rates holiday for all shops, pubs, theaters, music venues and restaurants.