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Budget 2020: Chancellor unveils £30bn coronavirus package Budget 2020: Chancellor unveils £30bn coronavirus package
(32 minutes later)
Chancellor Rishi Sunak has unveiled a £30bn package to help the economy get through the coronavirus outbreak.Chancellor Rishi Sunak has unveiled a £30bn package to help the economy get through the coronavirus outbreak.
He is abolishing business rates for many firms in England, extending sick pay and boosting NHS funding. He is suspending business rates for many firms in England, extending sick pay and boosting NHS funding.
He warned of a significant but temporary disruption to the UK economy but vowed: "We will get through this together."He warned of a significant but temporary disruption to the UK economy but vowed: "We will get through this together."
The Bank of England announced an emergency cut in interest rates just ahead of the Budget on Wednesday.The Bank of England announced an emergency cut in interest rates just ahead of the Budget on Wednesday.
Mr Sunak, who was promoted to chancellor just four weeks ago after Sajid Javid quit the government, has had to hastily re-write the government's financial plans to deal with coronavirus.Mr Sunak, who was promoted to chancellor just four weeks ago after Sajid Javid quit the government, has had to hastily re-write the government's financial plans to deal with coronavirus.
"We are doing everything we can to keep this country and our people healthy and financially secure," he told MPs."We are doing everything we can to keep this country and our people healthy and financially secure," he told MPs.
Labour leader Jeremy Corbyn said he "welcomed" many of the measures to "head off the impact" of coronavirus.Labour leader Jeremy Corbyn said he "welcomed" many of the measures to "head off the impact" of coronavirus.
But he said the extra money for the NHS was "too little, too late" and the UK was going into the crisis with its public services "on their knees" after years of Conservative cuts.But he said the extra money for the NHS was "too little, too late" and the UK was going into the crisis with its public services "on their knees" after years of Conservative cuts.
The measures put in place to mitigate the effect of the coronavirus outbreak include: Measures to mitigate the effect of the coronavirus outbreak include:
The number of coronavirus cases in the UK reached 456 on Wednesday, with a sixth person confirmed to have died after contracting the virus.The number of coronavirus cases in the UK reached 456 on Wednesday, with a sixth person confirmed to have died after contracting the virus.
The chancellor said that without accounting for the impact of coronavirus, the Office for Budget Responsibility has forecast growth of 1.1% in 2020, 1.8% in 2021 and then 1.5%, 1.3%, and 1.4% in the following years. The chancellor said that without accounting for the impact of coronavirus, the Office for Budget Responsibility has forecast growth of 1.1% in 2020, the slowest rate since 2009.
In other developments:
Despite speculation that he would ditch the framework on spending set by predecessor Mr Javid, Mr Sunak said his Budget is delivered "not just within the fiscal rules of the manifesto but with room to spare".Despite speculation that he would ditch the framework on spending set by predecessor Mr Javid, Mr Sunak said his Budget is delivered "not just within the fiscal rules of the manifesto but with room to spare".
Much of the extra money will come from borrowing, although the chancellor has scrapped a planned cut in corporation tax and scaled back a tax break for entrepreneurs, saving £6bn over the next five years.Much of the extra money will come from borrowing, although the chancellor has scrapped a planned cut in corporation tax and scaled back a tax break for entrepreneurs, saving £6bn over the next five years.
In other developments: If anyone still doesn't get how serious coronavirus is - then today's Budget makes it crystal clear.
In other Budget measures, the chancellor announced that fuel duty would be frozen for another year.
A planned increase in spirits duty will be cancelled and duties for cider and wine drinkers will be frozen as well.
The so-called tampon tax will be abolished, and VAT on books, newspapers, magazines and academic journals will be scrapped from 1 December.
If anyone still doesn't get how serious coronavirus is - then today's Budget makes it crystal clear.
This was an emergency Budget. A £30bn rescue package to save businesses from going bust and people losing jobs.This was an emergency Budget. A £30bn rescue package to save businesses from going bust and people losing jobs.
But Mr Sunak's spending spree went a lot further than helping the country cope with coronavirus.But Mr Sunak's spending spree went a lot further than helping the country cope with coronavirus.
At times it almost felt like a Labour chancellor's Budget as Mr Sunak poured billions into the economy - and all seemingly without breaking the government's existing tight fiscal rules.At times it almost felt like a Labour chancellor's Budget as Mr Sunak poured billions into the economy - and all seemingly without breaking the government's existing tight fiscal rules.
How was this possible?How was this possible?
Much will be done by a significant increase in borrowing.Much will be done by a significant increase in borrowing.
But I suspect we are all going to have to go through through the chancellor's sums with a fine-toothed comb. But I suspect we are all going to have to go through the chancellor's sums with a fine-toothed comb.
He announced more than £600bn for road, rail, housing and broadband projects over five years, aimed at delivering on the Conservatives' election promise to boost economic growth outside of London and the south-east of England. In other Budget measures, the chancellor announced that fuel duty would be frozen for another year.
This would bring "net public investment to the highest levels in real terms since 1955", said the chancellor. A planned increase in spirits duty will be cancelled and duties for cider and wine drinkers will be frozen as well, but a packet of 20 cigarettes will cost 27p more.
He vowed to "change the whole mindset of government", announcing plans for Treasury offices in Scotland, Wales and Northern Ireland and a "new economic campus in the north, with over 750 staff from the Treasury". The so-called tampon tax will be abolished, and VAT on books, newspapers, magazines and academic journals will be scrapped from 1 December.
The chancellor announced more than £600bn for road, rail, housing and broadband projects over five years, aimed at delivering on the Conservatives' election promise to boost economic growth outside of London and the south-east of England.
He announced plans for Treasury offices in Scotland, Wales and Northern Ireland and a "new economic campus in the north, with over 750 staff from the Treasury".
He also promised an additional £640m for the Scottish government, £360m for the Welsh government, £210m for the Northern Ireland executive and £240m for new city and growth deals.He also promised an additional £640m for the Scottish government, £360m for the Welsh government, £210m for the Northern Ireland executive and £240m for new city and growth deals.
Mr Sunak said he was providing £200m for local communities to build flood resilience and would double investment in flood defences.Mr Sunak said he was providing £200m for local communities to build flood resilience and would double investment in flood defences.
The chancellor will deliver another Budget in the Autumn, with measures aimed at preparing the UK economy for post-Brexit trading arrangements with the EU.The chancellor will deliver another Budget in the Autumn, with measures aimed at preparing the UK economy for post-Brexit trading arrangements with the EU.
The Budget comes in a week in which shares around the world - already hit by fears about coronavirus - suffered some of their biggest falls since the 2008 financial crisis.
Figures released by the Office for National Statistics found that the UK economy did not grow at all in January.Figures released by the Office for National Statistics found that the UK economy did not grow at all in January.
What questions do you have about the budget?What questions do you have about the budget?
In some cases your question will be published, displaying your name, age and location as you provide it, unless you state otherwise. Your contact details will never be published. Please ensure you have read our terms & conditions and privacy policy.In some cases your question will be published, displaying your name, age and location as you provide it, unless you state otherwise. Your contact details will never be published. Please ensure you have read our terms & conditions and privacy policy.
Use this form to ask your question:Use this form to ask your question: