U.K.'s $39 Billion Pledge to Fight Virus Fallout: Budget Highlights

The transcript discusses the government's response to the COVID-19 pandemic, focusing on health measures and economic support. It highlights potential disruptions to the economy, with up to 20% of the workforce possibly being off work. The response includes coordination with the Bank of England, which has reduced interest rates and introduced funding schemes. The government is providing fiscal support through cash grants and an emergency response fund, totaling a £30 billion stimulus to support businesses, public services, and the economy.

What is the expected impact of COVID-19 on the working-age population according to the initial response?

• All workers will be unaffected

• Up to 1/5 may need to be off work

• No impact on the working-age population

• Only healthcare workers will be affected

Which action did the Bank of England take to support business and consumer confidence?

• Stopped all funding schemes

• Reduced interest rates by 50 basis points

• Introduced a new tax

• Increased interest rates

What is the purpose of the SME term funding scheme introduced by the Bank of England?

• To increase taxes on small businesses

• To support only large corporations

• To reinforce the transmission of interest rate reductions

• To eliminate all business loans

How much cash grant is provided to small businesses as part of the government's fiscal actions?

• £5000 per business

• £1000 per business

• £10,000 per business

• £3000 per business

What is the total fiscal stimulus announced to support the British economy?

• £40 billion

• £20 billion

• £10 billion

• £30 billion