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Britain announces aid package for companies

Britain announces aid package for companies
Britain announced today a new additional aid package directed at companies affected by the lockdown due to the Corona pandemic, where the value of the new package is 4.6 billion pounds ($6.2 billion).

Finance Minister Rishi Sunak said that retail, hospitality and entertainment companies will receive a one-time grant of up to 9,000 pounds under the new package, in order to help them during the first months of this year.

This comes after a complete closure was announced on Monday due to the rapid spread of the coronavirus, especially the new strain, which threatened the situation in hospitals and the health system in Britain.

Sunak also stated that the package will help companies bypass the coming months, and will critically help preserve jobs, so that workers can be ready to return when they are able to reopen their doors.

On the other hand, the government will provide aid worth 594 million pounds to finance the governments of Scotland, Wales and Northern Ireland, bringing the total aid applied by the British government during this fiscal year to 280 billion pounds.

As for the levels of the British pound against the dollar, it witnessed a rise today and reached its highest level at 1.3611, after opening today's session at the level of 1.3560, while is currently trading at the level of 1.3583.

The pound rose during the first half of yesterday’s session and reached its highest level since May 2015 at the level of 1.3703, before returning to the decline and recording the lowest level at 1.3540.

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