THE UK Government has vowed to do “whatever it takes” to protect the UK from impact of the coronavirus.

In what Chancellor Rishi Sunak described as an “unprecedented package” yesterday, he announced Government-backed loans worth £330billion to prop up the economy.

As part of the response to the virus Mr Sunak also pledged to support small businesses with access to £25,000 cash grants and a 12-month break from business rates, which will apply to all businesses, including those in the hospitality sector.

The Chancellor pointed to a package for homeowners who fall into financial difficulty during the outbreak.

He said lenders had agreed to offer owners a three-month mortgage holiday should they need it.

The plans were announced as the Government’s chief scientific adviser said about 55,000 people in the UK now have Covid-19, while the NHS moved to cancel all non-emergency surgery.

Some 71 people are now known to have died from the virus. Sir Patrick Vallance told MPs it is hoped the death toll can be kept to under 20,000 as he told of the huge amount of strain the health service will be under from Covid-19.

During the daily update on the coronavirus situation today, Mr Sunak said: “This struggle will not be overcome by a single package of measures or isolated interventions.

“It will be won through a collective national effort, every one of us doing all we can to protect family, neighbours, friends, jobs.

“This national effort will be underpinned by Government interventions in the economy on a scale unimaginable only a few weeks ago.”

He added: “This is not a time for ideology and orthodoxy, this is a time to be bold, a time for courage.

“I want to reassure every British citizen this Government will give you all the tools you need to get through this.”

Mr Sunak described the outbreak as an “emergency”, adding: “Never in peacetime have we faced an economic fight like this one”, adding: “The Government will stand behind businesses small and large.

“I can announce today an unprecedented package of Government backed and guaranteed loans to support business to get through this.

“Today I am making available an initial £330billion of guarantees, equivalent to 15per cent of our GDP.

“That means any business who needs access to cash to pay their rent, their salaries, suppliers or purchase stock will be able to access a Government backed loan or credit on attractive terms.

“And if demand is greater than the initial £330billion I’m making available today, I will go further and provide as much capacity as required.

“I said whatever it takes, and I meant it.”

Mr Sunak added: “That support will be delivered through two main schemes.

“To support liquidity amongst larger firms I have today agreed a new lending facility with the Governor of the Bank of England to provide low cost, easily accessible commercial paper.

“To support lending to small and medium-sized businesses, I am extending the new business interruption loan scheme I announced at Budget last week so that rather than loans of £1.2million it will now provide loans of up to £5million with no interest due for the first six months. Both of these schemes will be up and running by the start of next week.”

Mr Sunak added that he is also taking “a new legal power” to “offer whatever further financial support I decide is necessary”.

On the planned mortgage holidays offered by lenders, he added: “For those in difficulty due to coronavirus, mortgage lenders will now offer a three-month mortgage holiday so that people will not have to pay a penny towards their mortgage cost while they get back on their feet.”

Alongside him, Prime Minister Boris Johnson promised help for families and businesses hit by the financial impact of coronavirus measures, saying it would be delivered with a “profound sense of urgency”.

He also said that if the country follows scientific advice “we know that we will beat it” and that “we have the resolve and the resources to win the fight”.

The PM added: “We must act like a wartime government and do whatever it takes to support our economy.

“We [will] support millions of businesses and tens of millions families and individuals through coming months.

“The Government must and will act with a profound sense of urgency.”