He added: “Any business who needs access to cash to pay their rent, the salaries, suppliers, or purchase stock, will be able to access a government-backed loan, on attractive terms.

“And if demand is greater than the initial £330billion I’m making available today, I will go further and provide as much capacity as required. I said whatever it takes – and I meant it.

“That support will be delivered through two main schemes: to support liquidity amongst larger firms, I have today agreed a new lending facility with the Governor of the Bank of England to provide low cost, easily accessible commercial paper.

“To support lending to small and medium-sized businesses, I am extending the new Business Interruption Loan Scheme I announced at the Budget last week, so that rather than loans of £1.2million, it will now provide loans of up to £5million, with no interest due for the first six months.”

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