Chancellor Rishi Sunak will announce the 2021 Budget this afternoon (Weds 3 March), where he will unveil the UK Government’s spending plan.
Mr Sunak is expected to detail plans regarding the furlough scheme, the fourth self-employed grant and the stamp duty holiday, among other spending priorities.
What time will Rishi Sunak announce the Budget?
The Chancellor is expected to make his statement in the House of Commons after Prime Minister’s Questions, which usually begins at 12pm and lasts around for half an hour.
Mr Sunak is therefore expected to be speaking at around 12:30pm, and the Budget statement usually lasts for around an hour.
The Chancellor will then later address the nation during a press conference at 5pm.
How to watch Rishi Sunak’s Budget announcement
You can watch the Chancellor’s Budget statement to the Commons live in the video below.
What is he expected to say?
The Chancellor is expected to announce numerous funding and grant allocations, with a particular focus on getting the economy back on its feet after the Covid pandemic.
This includes £5 billion for a new grant scheme to help businesses, over £400 million to support the culture sector, £300 million to help cricket, tennis and horse racing as part of a summer sports recovery package, and a £1.65 billion to boost the UK’s vaccine roll-out,
The annual Budget also usually includes statements on pay, taxes and benefits.
Mr Sunak is also expected to announce that the furlough scheme will be extended until September.
The scheme pays 80 per cent of employees' wages for the hours they cannot work due to the coronavirus pandemic, and has protected more than 11 million jobs since it first began.
The extension plan will see the Government’s contribution begin to be tapered off, with employers expected to pay 10 per cent towards the hours their staff do not work in July.
Employee contribution will then increase to 20 per cent in August and September as the scheme - which was due to finish at the end of April - begins to wind down.