BREAKING NEWS

UK's Sunak authorises bailout plan for strategically important companies

By REUTERS

MAY 25, 2020 00:20

British Finance Minister Rishi Sunak has authorised a bailout plan to rescue companies that are seen as strategically important, with the state expected to buy stakes in crucial businesses that are facing acute financial problems, the Financial Times newspaper reported.

Under the plan, which is named 'Project Birch', the finance minister has raised the UK Treasury's capacity to handle bespoke bailouts of "viable companies which have exhausted all options", including government loan schemes, the newspaper reported.

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