The European Commission said on Monday it had approved a 50 billion pound ($61.5 billion) British 'umbrella' scheme to support companies affected by coronavirus outbreak.
FILE PHOTO: European Union flags fly outside the European Commission headquarters in Brussels, Belgium, February 19, 2020. REUTERS/Yves Herman/File Photo
The approval is in line with modified EU rules allowing a temporary and limited amount of aid to businesses facing a sudden shortage of liquidity. The British aid would take the form of grants, equity injections, tax advantages and loans.
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