European Union flags fly outdoors the European Fee headquarters in Brussels, Belgium, February 19, 2020.

BRUSSELS (1) – The European Fee mentioned on Monday it had accepted a 50 billion pound ($61.5 billion) British “umbrella” scheme to support corporations affected by coronavirus outbreak.

The approval is in keeping with modified EU guidelines permitting a short lived and restricted quantity of assist to companies going through a sudden scarcity of liquidity. The British assist would take the type of grants, fairness injections, tax benefits and loans.

Britain left the European Union on the finish of January, however continues to be topic to EU guidelines for a transition interval set to final till the top of 2020.

With the coronavirus lockdown ravaging European economies, the bloc has stepped up requires London to lengthen that point to enable the edges to agree on a brand new commerce partnership after talks got here to a digital halt as capitals switched focus to combating the pandemic.($1 = 0.8135 kilos)

British Prime Minister Boris Johnson, who has beforehand repeatedly dominated out such a chance, was in hospital in London for assessments on Monday struggling persistent coronavirus signs.

Reporting by Philip Blenkinsop

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