Millions of people across Britain will be tuning in for today's Budget as the Chancellor delivers crucial information on how and when the country will start repaying the Covid bill amid 1.74million job losses.
The Chancellor has his work set out, with six million of the hardest pressed households to also find out if they're facing an £80 a month Universal Credit pay cut.
The government has borrowed a record £270billion so far fighting the pandemic and has to come up with a way of paying it back.
But it also needs to continue supporting the millions still out of work or on furlough due to lockdown.
Ahead of the speech, Sunak has promised more money for the vaccination rollout, a £5billion scheme to help High Street businesses reopen and a mortgage guarantee scheme to help first-time buyers.
Furlough and self-employed support has also been extended.
But there are tax changes on the horizon, although a so-called online tax on corporations such as Amazon is likely to be held until Autumn.
Here's what you can expect.
VAT
The Government slashed VAT on food, drink and even staycations last year to help kickstart the economy and give struggling businesses a boost.
It was a win for spenders, with small and local pubs, restaurants and attractions charging 5% instead of 20% tax for six months.
The cut applies to eat-in or hot takeaway food from restaurants, cafés and pubs, accommodation in hotels, B&Bs, campsites and caravan sites, as well as cinemas, theme parks and zoos, and ends on March 31.
However, it has not been used much with lockdown, and some firms have been accused of not passing the savings on to consumers. It means when the cut is lifted, prices could effectively rise.
Value added tax, or VAT, is the tax you have to pay when you buy goods or services. It's typically 20%, though a reduced rate of 5% applies to some things like children's car seats and home energy.
VAT does not apply on supermarket food, newspapers and magazines.
The Government estimated that households could save an average of £160 a year if the tax break is extended and firms pass the reduction onto consumers.
Stamp duty
Sunak is reportedly planning a three-month extension of the stamp duty holiday in England and Northern Ireland.
If the three-month extension is extended to all transactions, property website Rightmove estimates an additional 300,000 sales in England will benefit from tax savings totalling £1.75billion.
Alternatively, he could extend it to just sales already in progress. This would protect 234,000 buyers, according to property website Zoopla.
The cost of an extension could be levelled out by an increase in corporation tax.
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This would affect the 229,000 landlords who own buy-to-let properties in limited companies.
There's also speculation that he could announce an overhaul of council tax.
Campaign group Fairer Share has proposed abolishing stamp duty and council tax altogether and replacing both with a proportional property tax, charging homeowners an annual tax equivalent to 0.48% of their property’s value.
This, by its estimates, would save 19million households an average of £435 per year.
Income tax
The £12,500 personal allowance for income tax was due to rise in the new tax year, but it is understood that it could be frozen once again.
It's been described as a "stealth tax" as it could be buried in the small print and penalise some workers. Freezing the allowance could raise £6billion for the Treasury.
A freeze would affect all workers earning more than the personal allowance.
Income tax band freezes would cost families an extra £250 a year by 2024.
Pensions allowances
The Chancellor is expected to freeze the threshold for the pensions "lifetime allowance", which places a limit on how much savers can put into pension pots tax free.
It is understood that he could freeze the limit at £1,073,100 until 2024.
Anyone with more than the limit in their pension pot could be hit with punitive tax charges of up to 55%.
It would affect the wealthiest savers.
Tom Selby, of fund shop AJ Bell, said if allowances rose in line with inflation someone could save an extra £36,000 tax-free, including £19,000 of tax-free cash.
However, if the threshold remained stuck at the current level, as is planned, then the additional pension savings would cost £41,800 more in tax charges if the excess was taken as a lump sum.
If taken as an income, pension savers would be charged an extra £19,000 in tax.
