In light of the impact of the economic impact of the coronavirus, the Government has announced emergency measures to support retail and hospitality businesses, including a 12-month business rates holiday for all firms.
"I also accept that we need to do more for self-employed and individuals and the chancellor has said he is discussing this further with a range of stakeholders to ensure he can quickly get the most beneficial support to these individuals as well".
The action announced today means that over £3.5 billion in additional funding will be provided to the devolved administrations for support to businesses in Scotland, Wales and Northern Ireland.
The UK chancellor announced £330bn in government-backed loans for firms of all sizes so they could keep paying employees' wages - the equivalent of 15pc of UK GDP.
"Businesses who need access to cash can access government backed loans on attractive terms", he said.
As well as financial assistance, Sunak made assurances that businesses with insurance covering pandemics would be able to claim against their policies if affected by corona.
However, Sunak acknowledged that many companies in the industry were not covered and that the government needed to "do more" to help them.
The interventions I am setting out today will help support businesses of all sizes - so they can continue operating during these unprecedented times.
There will also be £20bn in giveaways, including grants of up to £25,000 for small firms, and a full year without business rates for all retail, hospitality and leisure businesses.
The Chancellor also addressed calls to safeguard pubs, clubs, and restaurants forced to close for the foreseeable future, announcing a 12-month business rates holiday for all pubs, theatres, music venues, shops, and restaurants.
This includes extending the new business interruption loan scheme for SMEs from £1.2m up to £5m, with no interest due for the first six months, from next week. Larger businesses will be supported through a new lending facility agreed with the Bank of England. Making loans to businesses with no money coming in and multiple overheads to meet through a period of no, or low trading, is simply kicking the can down the road.
"But many of those businesses don't have insurance - so we will go further".