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Monday, 25 May 2020 17:48

UK government draws up plan to rescue key firms

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The UK government has indicated it is prepared to rescue large British companies severely impacted by the coronavirus crisis. The bailout plan, named "Project Birch", was mentioned by Transport Secretary Grant Shapps in Parliament last week when discussing the future of the aviation industry. HM Treasury said bailouts would only be considered as a "last resort". In a statement, a Treasury spokesperson said beyond that many firms are getting support from established market mechanisms, such as existing shareholders, bank lending and commercial finance. The BBC understands the Treasury would have to notify Parliament of any spend incurred, and that although companies might seek financial assistance, this does not mean such support will be given//bbc

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