What time is the Budget announcement today?
3 March 2021, 09:13 | Updated: 3 March 2021, 09:17
Rishi Sunak announcement: What time does the Budget start today and is there a press conference?
Today (Wednesday 3 March), Rishi Sunak will deliver his Spring 2021 Budget.
The Chancellor is expected to outline the government financial plans for the 'next stage' of the coronavirus response in the country.
It is thoughts he will deliver announcements on furlough extension, the stamp duty holiday, as well as support for the self-employed.
Ahead of the Budget, Mr Sunak said: "Our Covid support schemes have been a lifeline to millions, protecting jobs and incomes across the UK.
"There's now light at the end of the tunnel with a roadmap for reopening, so it's only right that we continue to help business and individuals through the challenging months ahead - and beyond."
What time does the Budget start?
Rishi Sunak will begin his announcement at 12:30pm today in the House of Commons.
The Chancellor will also deliver a press conference today at 5pm from No10 Downing Street.
What will Rishi Sunak say?
One of the main speaking points from the Budget is expected to be furlough.
Reports have suggested that the job retention scheme will be extended until the end of September.
Mr Sunak is also expected to provide a six-month extension to the £20 Univeral Credit uplift, following pressure from backbenchers and charities.
The Self-Employment Income Support Scheme (SEISS) may also be extended, covering the months of February, March and April.
It is also expected that support packages will be offered to businesses like pubs, bars, hairdressers, and restaurants, who have been hit hard by the pandemic.
Reports have claimed that a £5 billion grant scheme will be offered to help them reopen, with “restart grants” worth up to £6,000 per premises.
Support packages are also expected for culture and sports industries.
Mr Sunak is also expected to extend the stamp duty holiday for those buying houses under £500,000. This was due to end on 31 March this year, but it is thought that it will be pushed back.
The Budget announcement will take place at 12:30pm today