Budget 2021 LIVE: Rishi Sunak to unveil plan TODAY with furlough extended until September
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Rishi Sunak discusses the Spring Budget
Mr Sunak has spent almost £300billion over the past year to keep the economy afloat during lockdowns and social distancing restrictions. Today he will unveil his plan to continue balancing the needs of the economy while also looking begin to address the spiralling deficit.
The furlough scheme which has kept more than 11 million people in jobs since the first lockdown last year is set to be extended until September.
But the Treasury is expected to also use the statement to warn of future tax rises to help recoup the cost.
Labour has already said it will oppose any tax rises while the economy is still recovering from the pandemic.
The Chancellor will announce his Budget, titled “Protecting the Livelihoods of the British People”, to MPs in the Commons at 12.30pm.
“We’re using the full measure of our fiscal firepower to protect the jobs and livelihoods of the British people,” Mr Sunak will say.
“First, we will continue doing whatever it takes to support the British people and businesses through this moment of crisis.
“Second, once we are on the way to recovery, we will need to begin fixing the public finances – and I want to be honest today about our plans to do that.
“And, third, in today’s Budget we begin the work of building our future economy.”
Mr Sunak will also outline his plans to the nation in a televised address from Downing Street at 5pm before taking questions from journalists.
It will be the first time such a broadcast has been made following the budget.
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