Thursday February 25
Welcome to Politics.co.uk’s coverage of Budget 2021.
Chancellor Rishi Sunak has several important decisions to make that will shape the UK’s economic recovery for years to come.
We’ll bring new analytics, features and breaking news ahead of the biggest budget in a generation.
What’s the budget?
The budget is an annual economic plan prepared by the government, which describes the state of the economy as well as plans to raise or lower taxes.
The budget is headed by the Chancellor, who makes a statement in the House of Commons.
The choices the Chancellor makes affect finances nationally and the amount of money in your bank account.
When is it?
The 2021 budget takes place on Wednesday March 3, 2021.
Rishi Sunak will deliver his speech in the House of Commons around 12:30 p.m., after the Prime Minister’s Questions. The speech lasts about an hour.
This will be Mr. Sunak’s second budget as Chancellor.
Why is this year’s budget different?
This year’s budget may be the largest in a generation as the Chancellor faces the mammoth task of dealing with the economic fallout from the pandemic.
The latest figures from the Office for National Statistics (ONS) give a grim reading.
During the first ten months of the fiscal year (April 2020 – January 2021), government borrowing stood at £ 270.6 billion.
To put that in context, this represents an increase of £ 222 billion from the previous year.
All eyes will be on the man at No.11 Downing Street.
Will Rishi Sunak start trying to deal with the huge debt of the pandemic, and what measures will the Chancellor keep, remove or add to support the hardest workers affected by the coronavirus?
What will Rishi Sunak probably say?
Based on what we know so far, here’s what the Chancellor is likely to say on March 3:
- Chancellor could announce extension of leave scheme
- There will be an update on the £ 20 universal credit increase. Rishi Sunak is likely to extend the increase, but does not rule out the introduction of a one-time payment
- Stamp duty holiday is also likely to be extended
- There may also be new measures to support the self-employed and other workers who have escaped the net of financial aid.
Learn more about the budget:
Rishi Sunak’s time as chancellor has been eclipsed by the coronavirus pandemic.
Measures such as the leave program have been widely welcomed, but many have experienced loopholes and have received no financial support.
Now a little over a year after starting his job, will his career be defined by the coronavirus?
Corporate tax is one of the most contested taxes in the UK.
We paired up Mark Littlewood from the Institute of Economics and George Dibb from the Institute for Research on Public Policy to interview them on this topic.
Stark new figures released by the Institute for Research on Public Policy (IPPR) reveal that up to 9 million jobs could be at risk this spring.
The new report says as many as 600,000 UK employers are at risk of collapse when existing support measures are due to end in May.
The IPPR calls on Rishi Sunak to expand existing support programs, strengthen subsidies and provide cash injections to viable businesses.