13:17

Chancellor Rishi Sunak is now outlining the government’s new package to protect workers and their employers, at the daily coronavirus press conference in Downing Street.

This is a crucial issue for the economy, with some firms already laying staff off in response to a slump in demand this week.

Sunak says the economic intervention is “unprecedented” in the history of the British state, and will be one of the most comprehensive in the world.

People listening must realise “they will not face this alone, but it will take a collective national effort”, he declares.

To protect jobs, the chancellor announces that the government will step in and help pay wages, for the first time in UK history. It’s called the coronavirus job retention scheme.

Companies and organisations will be able to apply for a grant from HMRC to cover the wages of people who are not working due to coronavirus shutdowns, but who haven’t been sacked.



It will cover 80% of the salaries of these retained workers, up to £2,500 per month.

It means that workers across the company can retain their jobs, even if their bosses can’t afford to pay them, Sunak explains.

Update. This scheme is backdated to the start of March, and there’s ‘no limit’ to the funding available.