UK Finance Minister Rishi Sunak will announce a new support plan to help businesses that have had to close under new coronavirus restrictions.
The UK Treasury in a recent statement said that Rishi Sunak will set up a job support scheme today.
The move is said to protect jobs and provide a safety net for businesses that may need to close in the next few weeks or months.
The plan is part of an effort by the UK government to help the country's economy continue to struggle to recover from its biggest fall in April.
It was previously reported that the UK economy grew more slowly than expected in August, recording growth of 2.1% from 6.4% in the previous month.
Through the plan, the government is likely to pay two-thirds of the salaries of employees in companies affected by the new rules, which may involve the closure of bars and restaurants in the Covid-19 ‘hotspots’ in England
The pound traded lower at the start of the European session, but remained strong above the $ 1.2900 price level supported by the depreciation of the US dollar.
