The UK government has announced a bigger stimulus package to protect its economy from potential damage due to the coronavirus pandemic, worth around 15% of its GDP. According to finance minister Rishi Sunak, the new financial measures will serve to “reassure that this government will give you all the tools you need to get through this.”

Included in the new package are measures for government back-loans and guarantees up to £330 billion, loans and cash grants for small businesses that are experiencing interruptions, mortgage holidays and an extension of business rate holiday. These latest measures come on the back of the £30 billion coronavirus spending package announced last week.

In addition to these fiscal stimulus measures, the Bank of England has cut interest rates from 0.75% to 0.25% to support the economy by keeping borrowing costs low. The BOE also unveiled plans for £100 billion worth of funding for maintaining lending to SMBs in the country to support the British economy through the coronavirus outbreak.

So far, the UK has nearly 2,000 confirmed cases of infection while the death toll has risen to 71. PM Boris Johnson has urged citizens to avoid socializing and to opt for work from home as much as possible as Britain struggles to contain the spread of the virus.