Video Loading Video Unavailable Click to play Tap to play The video will auto-play soon 8 Cancel Play now Rishi Sunak is freezing income tax thresholds, increasing corporation tax and extending the £20-a-week Universal Credit uplift for only six more months. The Chancellor began the process of repairing the nation’s finances following the coronavirus crisis – which has cost the UK £407 billion – as he set out his Budget and warned that unprecedented spending could not continue. He will explain his plans in even more detail at a 5pm Downing Street press conference, which you can watch live in the video above . The UK economy is expected to return to its pre-Covid level by the middle of next year, and it is expected to be 3% smaller than it would have been otherwise in five years' time. The furlough scheme is being extended until the end of September, duty on alcohol and fuel will be frozen this year, and minimum wage will increase by 19p an hour to £8.91 for over-23s. Announcing the £65 billion spending package, Mr Sunak extended the stamp duty holiday until the end of June, as well as the VAT cut for tourism and… Read full this story
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