The government "will do whatever it takes" to fight the economic impact of coronavirus with chancellor Rishi Sunak offering an "unprecedented package" of financial support to help business.

At the second of what will be the now daily Covid-19 briefings at 10 Downing Street, both Prime Minister Boris Johnson and his right-hand man used some pretty startling rhetoric.

"We must do what any wartime government does and do whatever we can to support our economy," the Prime Minister said, before handing over to his chancellor, Rishi Sunak.

He introduced an initial package of £330billion to support the country's economy, protect businesses and protect job - an amount equivalent to around 15 per cent of the country's GDP.

Nevertheless, when pushed, he admitted the impact of the economy was still "likely to be significant".

"The coronavirus pandemic is a public health emergency it is also an economic emergency, we have never faced a peacetime emergency like it," Mr Sunak said.

"I promise to do whatever it takes to support our economy though this crisis.

"This struggle will not be overcome by a single package of measures.

"This national effort will be underpinned by government interventions in the economy never imagined a few weeks ago. This is a time to be bold, a time for courage.

"This government will give you all the tools you need to get through this

"We will support jobs, we will support incomes, we will support businesses and protect your loved ones. We will do whatever it takes.

"First, the Governmentt will stand behind businesses small and large. An unprecedented package of government-backed and guaranteed loans to support business to get through this

"I am making available an intial £330billion of guarantees equivalent to 15 per cent of our GDP.

"That means any business who needs access to cash to pay their rent, their salaries, pay suppliers or buy stock will be able to access a government backed loan or credit on attractive terms."

Different processes for obtaining funding will be available for large corporations and small and medium size business, with full details to follow.

However, the chancellor said that both measures would be in place before the start of next week.

He also added that further funds beyond the £330billion would be made available before adding that new laws would be granted to give special powers to the chancellor.

He said: "I am taking a new legal power in the Covid Bill to offer whatever financial support that I decide is necessary.

"We will do whatever it takes."

Turning to the all important area of cash-flow and costs, further offers were made above and beyond those set out in the budget last week.

Mr Sunak said: "As well as access to finance, businesses need help with their cash flow and their fixed costs.

"Following our advice yesterday there were some concerns on pubs, clubs, theatres and other Hospitality and leisure facilities."

He confirmed that yesterday's advice to apply social distancing when it came to pubs and other social venues would be held to be "sufficient for insurance claims."

He added: "Many of them don't have insurance so we will need to do more."

Steps were taken to go beyond the budget promises for a rates holiday for businesses with a rateable value under £51,000, announced in the budget.

"Those business in those sectors with an additional cash grant of £25,000 per business. I am also extended the business rates holiday to all businesses.

"Every single business in the retail, hospitality or leisure sector will pay no Business Rates and can get cash grants.

"To support cash flow, I announced last week cash grants of £3,000 for 700,000 of our smallest businesses I can increase cash grants for smallest businesses to £10,000.

"This is a package of direct support and grants worth more than £20billion. On top of the multi-billion package announced at budget.

"Local authorities will be fully compensated for these measures."

There was also support for individuals in a promise that banks will offer a three-month holiday to all individuals having difficulty paying their mortgage.

Mr Sunak said that in the coming days he will "go much further" to help individuals and that meetings were planned with representatives from all sectors of business and trade unions.

He added: "We have never faced an economic fight like this one, but we are well prepared. We will get through this and we will do whatever it takes."