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Daily Mirror
Daily Mirror
Politics
Dan Bloom & Dave Stubbings

What time is the 2021 Budget today? When Rishi Sunak will unveil his plans

Britain's Covid response is one of the major subjects set to feature in today's 2021 Budget.

Rishi Sunak is set to use his House of Commons speech to focus on four themes - "support, vision, recovery, honesty".

The Tory Chancellor is tipped to extend the stamp duty holiday, furlough scheme and other Covid support by three months, with the Universal Credit £20-a-week uplift expected to continue for another six months.

The Tory Chancellor could also announce a string of other measures to help the economy recover from the pandemic which has inflicted huge debt on the UK.

However he is also set to be "honest" about needing to recover £280billion of Covid spending, amid reports of a hike in corporation tax and income tax allowances frozen.

What time is the Budget?

Mr Sunak will stand up to deliver the Budget straight after Prime Minister's Questions at around 12.30pm.

After he has unveiled his plans for the year ahead, Labour will respond before several days of debating by MPs gets underway.

The Chancellor will also front a Downing Street press conference at 5pm where he will talk more about the plans in this year's Budget.

On Thursday he will also appear on ITV's Martin Lewis Money Show, answering questions from the MoneySavingExpert founder.

What will be in the Budget?

As ever, a number of themes and subjects have already been confirmed in the days leading up to the Chancellors' announcement.

Confirmed

Furlough: Will be extended beyond April 30. It's expected the scheme will continue paying 80% of locked-down workers' wages until September 30, though firms will have to make more of a contribution from July. There will be a fourth self-employed grant from next month, worth up to £7,500, and a fifth with a value TBC later this year.

Universal credit: Universal Credit will appear in the Budget. It is thought he will extend the £20 uplift during the pandemic for another six months, though charities want the rate to be made permanent.

The Universal Credit uplift of £20 a week is set to be extended for another three months (Getty)

Support for businesses: Pubs, restaurants, non-essential shops and other businesses will be able to apply for "restart grants" worth up to £6,000 per premises. Hospitality, hotels, gyms, as well as personal care and leisure firms, will be eligible for up to £18,000 per premises. In total, the Treasury estimates 230,000 businesses will be eligible for the £18,000 grant. A £520million Help to Grow fund to support small businesses with training and software is also set to be announced, and could help 130,000 small and medium enterprises.

Other Covid support: An extension to the self-employment support scheme - though again not everyone is included - and other measures including VAT cuts are also tipped to appear.

Apprenticeships: A £126m boost for apprenticeships is due to be announced, creating 40,000 traineeships in England. Mr Sunak is also promising to increase cash incentives for employers who take on an apprentice to £3,000, while "flexi-job" apprenticeship, allowing trainees to work with a range of employers in a particular sector, are also expected.

Stamp duty could be extended again in the 2021 Budget (Getty Images)

Stamp duty: An announcement will be made on the Stamp duty holiday for house sales up to £500,000. If it's extended, it will be until the end of June. The scheme will be available for both first-time buyers and existing homeowners - and for homes worth up to £600,000.

95% mortgages: A boost for home-buyers will involve government-backed guarantees help banks led to those with 5% deposits again in a bid to stimulate the housing market.

Fuel duty: After warning MPs he would have to hike fuel duty by 5p per litre to pay for the Universal Credit uplift, the Chancellor is said to have cancelled the raise. That will be the 10th year it's been frozen at 58p per litre.

Minimum wage: The Budget will likely confirm already known minimum wage rates - an increase of 19p an hour to £8.91 for over-23s, with 23 and 24-year-olds included in the higher rate for the first time. It will also hit £8.36 for those aged 21-22; £6.56 for those aged 18-20; £4.62 for 16 and 17-year-olds and £4.30 for apprentices.

Alcohol and cigarettes: 'Sin taxes' always occur in the Budget. This time beer duty could be frozen.

Beer duty could be frozen to help struggling pubs and restaurants recover (Getty Images)

Vaccines: Another £1.6bn will be injected into the vaccination programme, including £22m to fun a "world first" trial to research using different vaccines together, or if a third dose is effective.

Covid fraud crackdown: A dedicated unit to crackdown on coronavirus fraudsters exploiting financial rescue packages is expected.

Thalidomide victims: Lifetime financial support is expected to help more than 400 people, which will go towards personalised specialist care, rehabilitation and treatment.

Green savings bond and UK infrastructure bank: A sovereign green savings bond for retail investors will help cut greenhouse emissions to net zero by 2050.

Tipped to be in the Budget

Corporation tax: Some reports suggest the Chancellor will hike corporation tax, potentially to 25%, although it may not be immediate.

Former Tory leader, and Rishi Sunak's predecessor as MP for Richmond, says taxes need to go up after the pandemic (PA)

Income tax: Mr Sunak is reportedly considering axing rises to the Income Tax personal allowance to help pay for the Covid crisis. It currently stands at £12,500. There has also been speculation that Capital Gains Tax might be raised to 45%.

Other tax changes: A new property tax in place of council tax and stamp duty was said to have been considered by the Treasury, could be more of a long-term move, as could a raid on self-employed people's National Insurance contributions.

A 'stealth tax' on wealthy pensioners: The Chancellor could freeze the lifetime allowance - the amount people can save before tax charges kick in - at just over £1m.

Brexit immigration system: Just months after its launch the post-Brexit immigration system is already changes, with reforms creating a new "elite" route for researchers, engineers, scientists and those in the tech sector to work in the UK without other workers' requirements.

Moving parts of the Treasury: A nod to the governments "level up" pledge could be a new northern HQ for the Treasury.

Not in the Budget but could come later

Amazon tax: A windfall tax on firms that have done well out of the pandemic is not expected for now as it will likely fall into a review of business rates that won't report back until the autumn.

High street vouchers: A think tank's idea to give every adult and child £150 and £75 respectively in vouchers to spend in shops reportedly has zero chance of being introduced.

Eat Out to Help Out II: Treasury sources have not ruled out a return in some form later this year for the scheme that has been blamed - in a Warwick University study and elsewhere - for driving case rates last summer when customers could get up to £10 a head off meals in struggling pubs and restaurants. However, there were no references to the original scheme in the Chancellors five-minute, taxpayer-funded promotional video ahead of the Budget.

A new iteration of Eat Out to Help out is not expected in the Budget, but could come later in the year (Internet Unknown)

NHS pay rise: Union bosses have warned Mr Sunak the NHS faces an "exodus" of nurses after the pandemic abates if there is no decent pay rise. Despite nursing leaders saying staff are "exhausted and morale is on the floor", they will have to wait beyond the Budget for actual news on a pay rise until pay review bodies report back later in the spring.

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