UK's FM Sunak: We should be in no doubt about seriousness of economic situation

UK Finance Minister Sunak says "we should be in no doubt about seriousness of economic situation".

Key notes

• Says over 4 mln jobs have been furloughed.
• Says over 20,000 coronavirus business interruption loans have now been approved.
• Says today we are announcing a new micro loan scheme for small businesses.
• Says businesses can borrow up to 25% of turnover, up to 50,000 pounds.
• Says loans will not be tested against businesses' future viability.
• Says government will guarantee 100% of small business loan.
• Says government will pay interest on small business loans for first 12-months.

COVID-19 cases update

Meanwhile, according to the BBC, there are now more than 157,000 confirmed coronavirus cases in the UK and more than 21,000 people with the virus have died.

• The actual number of cases is estimated to be much higher though - up until recently it was mostly those in hospital and some NHS and care staff who were being tested.
• More than half a million people have been tested for coronavirus so far.

GBP/USD update

• GBP/USD Forecast: UK at “the moment of maximum risk”