HIGHLIGHTS-UK announces budget plan as coronavirus risks mount

British finance minister Rishi Sunak delivered the first annual budget statement of Prime Minister Boris Johnson's new government on Wednesday. Below are highlights from the speech:

CORONAVIRUS: "I want to get straight to the issue most on everyone’s mind– coronavirus COVID19. I know how worried people are. Worried about their health, the health of their loved ones, their jobs, their income, their businesses, their financial security. And I know they get even more worried when they turn on their TVs and hear talk of markets collapsing and recessions coming. People want to know what’s happening, and what can be done to fix it."

"I want to set out our economic response so we bring stability and security. Let me say this: We will get through this - together. The British people may be worried, but they are not daunted. We will protect our country and our people. We will rise to this challenge." "The challenge is this: There is likely to be a temporary disruption to our economy. On the supply side, up to a fifth of the working age population could need to be off work at any one time. And business supply chains are being disrupted around the globe. This combination of people being unable to work… …and businesses being unable to access goods… …will mean that for a period our productive capacity will shrink. There will also be an impact on the demand side of the economy, through a reduction in consumer spending."

(Compiled by Costas Pitas, editing by Estelle Shirbon)