Central banks around the world have implemented a surprise interest rate cut in a co-ordinated bid to tackle the growing economic crisis.

The UK rate was cut by half a percent – the biggest reduction for 7 years.

The Prime Minister and the Chancellor also announced a taxpayer-funded bail-out scheme for the country’s major banks.

It could run into hundreds of billions of pounds.

Sky’s Joel Hills reports…(read more)

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The UK government has announced a bailout package for the country’s major banks. In response to the ongoing economic uncertainties brought about by the COVID-19 pandemic, the government has decided to support the banking sector to ensure financial stability and confidence in the market.

The package, worth £1.3 billion, includes a range of measures designed to provide additional liquidity and support for the banks. These include a new funding facility for lending to small and medium-sized businesses, as well as support for lending to larger firms.

The government hopes that these measures will help to ease the pressure on businesses struggling with cash flow problems, while also providing some much-needed support for banks that have come under increasing strain as a result of the pandemic.

In announcing the package, the Chancellor of the Exchequer, Rishi Sunak, stressed the importance of ensuring that businesses have access to the finance they need to support economic growth and recovery. He also highlighted the role that the banking sector has to play in supporting businesses during difficult times.

With the UK economy experiencing its worst downturn in decades, the government has been under increasing pressure to take action to support businesses and households. While the bailout package is not a comprehensive solution to the economic challenges facing the country, it is an important step towards ensuring that the financial system remains stable and that businesses can access the support they need.

The government’s announcement has been welcomed by the banking industry, with many institutions expressing their support for the measures. However, some critics have argued that the package does not go far enough, and that more needs to be done to support businesses and households that have been hit hard by the pandemic.

Despite these concerns, the government’s decision to provide a bailout package for UK banks is an important step in responding to the economic challenges facing the country. By ensuring that the financial system remains stable and that businesses have access to the support they need, the government can help to support economic growth and recovery in the months and years ahead.