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What time is Rishi Sunak’s Budget announcement today?

 (PA)
(PA)

As Britons look forward to a possible end to the coronavirus lockdown, millions of people are also anxiously awaiting the chancellor’s spring Budget announcement.

Rishi Sunak will outline the government’s financial plans at around 12.30pm on Wednesday, when he is expected to focus on “the next stage” of the UK’s Covid response.

The economic fallout of the Covid-19 crisis led to the government borrowing record-breaking amounts, with the latest data showing it borrowed £8.8bn in January.

Follow Budget 2021 - live: Rishi Sunak to unveil ultra-low deposit mortgages

Mr Sunak will extend furlough payments for employees who are unable to work because of coronavirus restrictions by five months to the end of September.

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Meanwhile, more than 600,000 self-employed people excluded from the government’s support package so far will be able to claim direct cash grants as part of an extension to the government’s self-employed income support schem (SEISS).

The government announced its roadmap out of lockdown last week, but businesses still have weeks and months to go before they can even begin to think about opening their doors and welcoming customers in again.

Read more: Rishi Sunak to increase contactless payment limit to £100

Mr Sunak may also introduce a number of measures to bolster the economy and help some industries get back on their feet.

According to reports, such measures may include cutting VAT and alcohol duty tax for restaurants and pub, extending the stamp duty holiday for homebuyers, and possibly vouchers for high street shoppers.

Businesses have also urged him to extend the business rates holiday, which is set to end in April, to help them get through the year.

However, it has been reported that officials are considering plans to increase corporation tax from 19 per cent to 25 per cent to shore up government funds.

Read more: Stamp duty holiday to end on 31 March - what should you do?

Mr Sunak may also face opposition from Conservative MPs, who may rebel if the Budget contains sizeable tax hikes some have railed against.

Downing Street has warned that Tory MPs who vote against the Budget could be stripped as a whip, as it would consider such votes as a confidence issue.