U.K. Releases ‘Wartime’ Funding to Save Economy from Virus (3)

Boris Johnson’s government announced a massive rescue package of loans and grants for businesses in a desperate attempt to stop the coronavirus pandemic wrecking the U.K. economy.

Ministers promised help with mortgage payments, and support for airlines, shops and the hospitality industry, with 350 billion pounds ($424 billion) worth of government-backed loans, grants and tax cuts for struggling companies.

In a coordinated move, the Bank of England said it will set up a new lending facility for affected businesses. The pound pared losses after the measures were unveiled.

“We must act like any wartime government and do whatever ...