The first Budget of Prime Minister Boris Johnson's majority government is set to be unveiled at 12.30pm today.
It is the country's first financial plan outside the European Union in more than four decades.
After the Conservative Party's landslide election victory, Mr Johnson and his newly-appointed chancellor Rishi Sunak are in a position to push through their plans for the economy.
But the spectre of coronavirus and trying to limit its impact on the economy loom over the budget, with the Bank of England slashing its rate on Wednesday morning ahead of the Chancellor's announcements.
So when will the Budget take place and what will it likely include? Here's everything you need to know...
What time is the Budget 2020?
The Budget will be read out in the House of Commons by the Chancellor of the Exchequer Rishi Sunak at 12:30pm today (GMT).
Mr Sunak has stuck to the March 11 launch date set by his predecessor Sajid Javid.
Mr Javid postponed the Budget in November to make way for the December general election that resulted in a landslide Conservative victory and Boris Johnson staying on as prime minister.
This budget needs to satisfy the needs of several very different audiences.
These range from traditional Labour voters in the Midlands and the north of England - who contributed towards the PM's 80-seat majority - to traditional Tory voters and financial markets.
Who is the new Chancellor Rishi Sunak?
Rishi Sunak was appointed Chancellor of the Exchequer by Boris Johnson as recently as February 13.
He was elected MP for Richmond (Yorks) in 2015 and his rapid rise saw him appointed chief secretary to the Treasury when Mr Johnson became Prime Minister in July 2019.
Mr Sunak is considered a Johnson loyalist and represented the PM during 2019 election debates.
Just six months later he is the Chancellor of the Exchequer, having moved through ranks like the under-secretary of state for local government.
The 39-year-old took up the post after Sajid Javid resigned during a cabinet reshuffle.
Mr Sunak is far less experienced than his predecessor and as chief Treasury secretary, he was not technically a full cabinet minister.
In contrast, Mr Javid served as culture secretary, business secretary, housing secretary and home secretary before being appointed chancellor.
Mr Javid resigned after months of tensions between Downing Street and the Treasury.
It came to a head when the PM's chief special adviser Dominic Cummings fired one of Mr Javid's aides, Sonia Khan, without his permission.
Mr Johnson promised to keep Mr Javid as chancellor after the general election in December.
However, in weeks leading up to the reshuffle, media reports suggested that a new rival finance ministry could be established with Mr Sunak at the lead to reduce the power and political influence of the Treasury.
Mr Javid resigned as Chancellor on February 13, the day of a cabinet reshuffle.
Mr Johnson had offered Mr Javid a chance to keep his position on the condition that he fire all his advisers and replace them with ones selected by Downing Street but he refused and quit.
