Key measures Sunak will announce to put UK back on track
FURLOUGH SCHEME
SUPPORT for millions of workers will continue as the UK-wide furlough scheme is extended until the end of September.
Employees will continue to receive 80 per cent of their current salary until the scheme ends, with employers asked for a small contribution from the end of July.
The Chancellor is also set to announce that more than 600,000 people, including the newly selfemployed in 2019-’20, will now be eligible for government support.
HOSPITALITY SECTOR
ALREADY extended once, the temporary reduction in VAT from 20 per cent to five per cent is likely to be pushed back to the summer, possibly for three months beyond the current 31 March cut-off.
A delay could add £800million to the estimated £3.3billion cost so far.
Also, firms in hospitality, retail, accommodation, leisure and personal care will benefit from a new £5billion Restart Grant scheme as the economy reopens, says Chancellor Sunak.
BUSINESS RATES
A BUSINESS rates holiday, launched last year to help firms ride out the virus crisis, is due to finish at the end of this month.
This is expected to be extended for retail, hospitality and leisure. Some associations want the support to run to the end of the year, or into 2022.
95% MORTGAGES
A NEW mortgage guarantee scheme to help buyers with a five per cent deposit to get on to the property ladder is set to be announced at the Budget.
The initiative is aimed at helping those looking to buy a house of up to £600,000. The government will offer lenders the guarantee they need to provide mortgages that cover the other 95 per cent. It will be available to lenders from April.
LEVELLING UP
THE Chancellor is expected to accelerate investments in transport, infrastructure spending and top-up pots for regenerating town centres.
STAMP DUTY HOLIDAY
THE suspension of stamp duty on property sales of up to £500,000 was announced in July and is due to finish at the end of this month. But Mr Sunak is preparing to extend the stamp duty holiday by three months, according to reports.