The U.K. government will spend billions of pounds in an effort to limit the impact of the coronavirus on the U.K. economy, the country's finance chief said Wednesday. The virus outbreak, which emerged in China in late 2019, has been putting pressure on all major economies by significantly reducing supply chains, hitting demand for travel, as well as fueling panic buying and stockpiling. Various economists and organizations, such as the OECD, have trimmed their global growth forecasts as a result. Rishi Sunak, appointed finance chief last month, told the U.K. Parliament that there would be £7 billion ($9 billion) available to support the labor market and an additional £5 billion to help the health-care system. Sunak also announced a further fiscal loosening of £18 billion to support the U.K. economy, bringing the total fiscal stimulus to £30 billion. The U.K. public body, the Office for Budget Responsibility, called it the largest budget giveaway since 1992.

Chancellor of the Exchequer Rishi Sunak leaves 10 Downing Street after attending a Cabinet meeting on 14 February, 2020. Barcroft Media

The "coronavirus will have a significant impact on our economy, but it will be temporary," Sunak told lawmakers. He added that the government's response will be "timely" and "targeted." As of Wednesday morning, the U.K. had registered 382 confirmed cases of coronavirus and six deaths. Some of the government's latest measures include making sick pay available to all of those that are advised to self-isolate, even without symptoms and make loans more accessible for small and medium-sized firms. The Bank of England (BOE) announced earlier on Wednesday an emergency cut to interest rates.