The UK and USA’s implementation of strategies focused on containing the rapidly spreading pandemic have failed to calm anxiety surrounding coronavirus.
In early trading, the FTSE 100 index dropped by more than 4.7 per cent, with travel companies, aerospace firms and housing businesses experiencing the hardest impacts.
The downturn within Britain came a day after Wall Street’s main indexes fell by more than 5 per cent on Tuesday following Monday’s plummeting numbers.
The Trump administration revealed that a $1 trillion (£830bn) package to support the world’s biggest economy during these times of uncertainty.
Rishi Sunak, announced that there were increased financial strategies in place to protect UK businesses, including £330bn of business loans.
The plan also specifies £20bn in alternative aid methods such as a business rates holiday and funding for retailers and pubs, while help for airlines is also being considered.
In a recent news conference, Rishi Sunak said that today’s climate is an “economic emergency. Never in peacetime have we faced an economic fight like this one.”
Global stimulus measures to help maintain the spread of the virus have also failed to help recover Asian stocks.
Japan’s benchmark Nikkei 225 ended down by 1.7%, the Hang Seng in Hong fell by 3.3%, and China’s Shanghai Composite closed 1.8% lower. US stock market futures were also indicating a weaker open for Wall Street.