Picture shown is for illustrative purposes only.
The European Union gave the go ahead on Monday to a British scheme to provide a £50 billion (57-billion-euro) "umbrella" to shield private businesses from the coronavirus epidemic.
The United Kingdom left the bloc at the end of January, but EU law still applies until the end of a post-Brexit transition period, and would normally restrict state subsidies.
But Brussels has promised to show "full flexibility" in its rules as capitals scramble to shore up employers pummelled by the virus and the associated national lockdowns.
Britain has set aside a fund to provide direct grants and subsidised public loans to key businesses and to encourage research into preventing, treating or curing the virus.
In a statement published Monday, the European Commission confirmed that it would give the package the green light, as it done two smaller British schemes announced last month.
On March 23 Britain ordered a three-week shutdown of non-essential shops and services to limit transmission of the virus, which has now killed more than 600 people there.
Similar measures have been adopted across Europe and around the world, and economists see a sharp global recession this year as inevitable.Agence France-Presse
Infections have been reported in 210 countries since the first cases were identified in China in December last year and British aid minister Anne-Marie Trevelyan said assisting the poorest nations now would help prevent the virus returning to the United Kingdom.
Britain officially entered recession in the second quarter after gross domestic product (GDP) contracted by 2.2 per cent in the first three months of the year. The technical definition of a recession is two quarterly contractions in a row.
Nationwide said its measure of house prices fell by 1.7% last month from April, the biggest decline since February 2009. In annual terms, prices rose by 1.8%, slowing from 3.7% in April.
The 5th Arab Water Forum (AWF) took off on Tuesday in Dubai, with more than 600 delegates, participants from 22 Arab countries pledging their strong commitment to water security
Villa segment is expected to drive strong growth in Dubai real estate sector during the fourth quarter as consumer and investor sentiments are up ahead of Expo 2020 Dubai, according to Zoom Property Insights.
Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, has attended the inaugural session of the 2021