Rishi Sunak has used his first Budget speech to raise the National Insurance threshold, pledge money to flood-hit regions and promise to keep the UK "financially secure" amid the coronavirus outbreak.
The Chancellor told MPs that there is likely to be a “temporary disruption” to the economy amid the virus outbreak, but that the Government’s response will be “temporary, timely and targeted” and designed to have “maximum impact”.
He also announced that fuel duty would be frozen for another year and there would also be no increase in duties on alcoholic drinks.
Hours before the Budget, the Bank of England announced an emergency interest rate cut from 0.75 per cent to 0.25 per cent and a series of other measures designed to help businesses and households cope with the impact of the virus.
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