On 11 March 2020, the Bank of England (the “Bank”) warned of “an economic shock that could prove sharp and large” resulting from the coronavirus outbreak that started in Wuhan, China, at the end of 2019. Presenting a package designed to lower borrowing costs and improve the availability of finance, the Bank observed indicators of financial market uncertainty at “extreme levels”, including sharp falls in risky asset and commodity prices, and all-time low government bond yields. Today, the UK Government has also announced a broad-reaching package of financial measures to assist businesses, amounting to a reported total of £330bn, and has made clear that there are more policy options available as needed to prevent this temporary economic shock becoming a more permanent one.