By Chancellor says he wants to be ‘honest’ with the British people
’65 billion to help the economy’ Rishi Sunak tells the Commons.
“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.”
The chancellor tells MPs this is to “accommodate even the most cautious view about the time it might take to exit the restrictions”.
Mr Sunak says the government has now provided a total of £352bn in support for Britons and the economy.
Furlough will be extended until end of September 80% of salary as around 700,000 people lost jobs through the pandemic.
There is further support for self employed as two more grants have been confirmed and now over 600,00 people can now claim grant.
33billion is budgeted to help support businesses and a new restart grant to help economy.
The arts and sport industry will be give £700 million.
Rishi Sunak commented saying “I said I’d do whatever it takes. I have done, and I will do so”.
Chancellor also stated it will take decades to pay back COVID borrowing.
Minumum wagę has also increased, basic rate workers will get a 2.2% increase, Rishi Sunak said, with the National Living Wage rising to £8.91 an hour.
The Universal Credit uplift of £20-a-week will continue for another six months, the chancellor announces as well as Tax Credit claimants will also be given more support for the next six months, with a one-off payment of £500
Chancellor announces extra £19m for domestic violence programmes, describing domestic violence as “one of the hidden tragedies of lockdown”
The business rates holiday will be extended until the end of June, the chancellor says, with a two-thirds discount for the remainder of the tax year.
“I’m pleased to say that several of the country’s largest lenders including Lloyds, NatWest, Santander, Barclays and HSBC will be offering these 95% mortgages from next month, and I know more, including Virgin Money will follow shortly after,” the chancellor says.
In summary Rishi Sunak says now is “not the time to set detailed fiscal rules, with precise targets and dates to achieve them by”, but adds that he wants to be “honest about what I mean by sustainable public finances”.
The chancellor continues: “Our fiscal decisions are guided by three principles.
“First, while it is right to help people and businesses through an acute crisis like this one, in normal times the state should not be borrowing to pay for everyday public spending.
“Second, over the medium term, we cannot allow our debt to keep rising, and, given how high our debt now is, we need to pay close attention to its affordability.
