Great Britain

Budget 2021 news LATEST: Rishi Sunak to give self-employed £7.5K grants & extend furlough & stamp duty holiday

RISHI Sunak is to reveal extra help for 600,000 self employed people with grants of up to £7,500 and furlough is to be extended until September.

The Chancellor is also set to extend the stamp duty holiday as house prices rocketed 6.9 per cent year-on-year last month to a record high of £231,061 last month, new data shows.

Robert Gardner of Nationwide told the Telegraph: “This increase is a surprise. It seemed more likely that annual price growth would soften further ahead of the end of the stamp duty holiday, which prompted many people considering a house move to bring forward their purchase.”

The Chancellor will reveal the country's spending plan today - the first since coronavirus' devastating impact on the economy became clear and the first since the Brexit transition period came to an end.

The Budget is due to take place at around 12.30pm, once Prime Minster's Questions ends in the House of Commons.

  • SUPPORT FOR STRUGGLING BRITS

    Rishi Sunak will support struggling Brits with the “full measure of our fiscal firepower” at tomorrow's Budget - but warn the time is approaching to “begin fixing the public finances.”

    The Chancellor will vow to use every tool in his box “to protect the jobs and livelihoods of the British people” - including months more furlough and extra Universal Credit.

    But with the nation’s coffers reeling from the Covid crisis, Mr Sunak is staring at £400 billion blackhole on the eve of his second Budget.

    Tomorrow lunchtime the chief bean counter will set out “a three-point plan to protect jobs” - but also give the nation a reality check over the dire economic situation left in the wake of the pandemic.

  • WHAT IS THE BUDGET?

    The Budget is when the government outlines its plans for tax hikes, cuts and things like changes to the minimum wage.

    It's different to the Spending Review, which sets out how much public cash will go towards funding certain departments, devolved government's and services, such as the NHS.

    The Budget is read out in the House of Commons by the Chancellor of the Exchequer. It will be Rishi Sunak's second Budget as Chancellor.

    Mr Sunak's first one in March last year has been dubbed the "coronavirus Budget" after it focused on supporting Brits financially through the crisis, rather than the government's "levelling up" agenda as promised in the 2019 general election.

    Normally, the Budget is held once a year but the unprecedented circumstances of the pandemic in 2020 saw Mr Sunak give a "mini-budget" in the Commons on July 8.

  • WHEN IS RISHI SUNAK’S PRESS CONFERENCE?

    Rishi Sunak will give a press conference at 5pm on Wednesday after delivering his Budget to the nation.

    The Chancellor revealed he will take questions from the public and the press after his statement in the House of Commons, which usually takes place at around 12.30pm.

    He is expected to give the nation an update on the latest finances, after the Treasury has spent billions trying to keep the economy afloat this year through the pandemic.

  • RISHI ECO PLEA

    Rishi Sunak must use tomorrow’s Budget to create 250,000 green apprenticeships, eco-campaigners have urged.

    Friends of the Earth said the Chancellor could tackle both climate change and soaring youth unemployment in one “double whammy”.

    The Chancellor is under pressure to use his last Budget before the COP26 climate change conference to push a raft of eco-changes through.

    The charity calls for a green apprenticeship programme to be run alongside other schemes from the DWP, Department for Education and Treasury.

    Denis Fernando, climate campaigner at Friends of the Earth, said it would “prevent a new wave of youth unemployment while helping the UK towards a more climate-friendly future.”

  • EXPLAINER - WHAT IS THE RED BUDGET BOX?

    The red box, which carries the Budget speech from No.11 to the House of Commons, is often held up outside 11 Downing Street by the Chancellor.

    The briefcase has been used for more than 150 years with the first box being made for William Gladstone in 1860.

    Gladstone's box was lined with black satin and covered with scarlet leather.

    Parliament explains: "The word Budget comes from an old French word ‘bougette’ meaning little bag.

    "It was customary to bring the statement on financial policy to the House of Commons in a leather bag.

    "The modern equivalent of the bag is the red despatch box or Budget box."

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