The Prime Minister has stated that the UK must "do whatever it takes" to support the economy amid the coronavius pandemic.

The Chancellor announced that "this is a medical emergency but also an economic emergency" as he laid out a list of measures to try and prop-up the economy during the coming months.

In the press conference from Downing Street this evening, Chancellor Rishi Sunak announced £330 billion of government-backed loans - 15 per cent of the country's GDP - to support businesses with expenses such as rent and paying staff.

The government will be acting like a "wartime government" to help support the economy through these extreme measures.

The NHS are expected to recieve a blank cheque with the Chancellor saying "whatever resources the NHS wants, it will get".

Sunak said: "We're confident we have the capacity, we've been working around the clock to deliver this as soon as possible".

Loans of up to £5 million will be available with no interest for the first six months with grants of up to £25,000 per business in the leisure and hospitality industry available by next week to help them "bridge this business". 

He adds that no shops, pubs, theatres, venues, restaurants and any other business in that sector will pay business rates in the next 12 months. 

During the conference, Sunak announced there will be a "three-month mortgage holiday" for vulnerable people who have been affected by the outbreak. 

Chief scientific adviser, Sir Patrick Vallance added that it's "remarkable" how quick a vaccine is veing developed, with a vaccine in the UK that could go into clinical trials in April. 

This comes after a Basingstoke pharmaceutical firm is trying to develop a life-saving Covid 19 vaccine. 

Crescent Pharma Limited, on Sarum Hill, has developed a drug which is currently being used in clinical trials in China. 

Away from economic measures, Boris Johnson is keeping school closures under continuous review, despite three schools in Basingstoke being partially closed today due to staff shortages. 

The Prime Minister has advised that anyone with symptoms should stay at home for at least seven days, and if you are living with other people they should stay at home for at least 14 days to avoid spreading the infection outside the home.