Chancellor Rishi Sunak will deliver the most important budget in decades today, with households and businesses desperate for support over the coming months as the United Kingdom looks to bounce back from the COVID-19 pandemic.
The government has supported families and businesses with billions of pounds worth of spending during the pandemic, and many hope that the support will continue over the coming months and that it would be disastrous to pull the plug at this stage.
Some things have already been announced, with the furlough scheme set to be extended until the end of September. This announcement has been met with both positivity and negativity. Many are worried that this extension could be seen as the government covering for itself just in case lockdown easing is slowly than anticipated, but others say that it’s a good idea because even with the most progressive and positive of plans, some sectors are unlikely to be fully open to full capacity before the autumn.
Mr Sunak will announce that employers must contribute to the scheme, with 10% in July and 20% in August, as businesses are allowed to reopen.
A mortgage guarantee scheme will help home buyers purchase properties worth up to £600,000 with a deposit of just 5%.
It is expected than an announcement will be made on a rise in corporation tax from 19% to 23%, however this is expected to occur slowly over a number of years.
Income tax thresholds are also expected to be frozen, meaning that the government can claw back more tax over the next few years.
The government is expected to announce a number of available grants for businesses and also the self-employed.
The £20 a week increase in Universal Credit which has been a lifeline for many is expected to remain in place until at least the early autumn.
You can watch the Budget on both the BBC News Channel and Sky News from 12.30pm this afternoon.
