The Autumn Budget will be announced on Wednesday, October 27, outlining the upcoming taxation and spending plans for the year ahead.
The global pandemic has hit the government hard, with borrowing rising to £320bn, the highest seen outside wartime.
The furlough scheme although effective at retaining jobs has ramped up borrowing and there is much anticipation that this will be reflected in today's announcement.
So, just what else can we expect from Chancellor Rishi Sunak’s Autumn Budget 2021?
What is the autumn budget?
The budget is a statement given to MPs in the House of Commons by the Chancellor of the Exchequer, outlining the government's plans for taxes and spending for the upcoming year.
It covers areas that impact all of us from health, education, public services and taxations on things like fuel and alcohol.
Normally taking place once a year in March, this is the second budget to be held in 2021, with the last one taking place in March 2021, when Rishi Sunak outlined the government's Covid relief schemes.
What time is the budget 2021 today?
The Autumn Budget will be announced by Chancellor Rishi Sunak on Wednesday, October 27 at 12.30pm in the House of Commons.
What has already been announced by Rishi Sunak?
Rishi Sunak has already made announcements in the run up to the budget.
Some of the key announcements include:
Public sector workers will see their pay freeze end and will receive a pay rise in April 2022.
The National living wage will rise for those aged 23 and over from £8.91 per hour to £9.50 from April 2022.
£1.4bn to encourage foreign investment into UK businesses and attract overseas talent.
A £6bn funding package to help tackle NHS waiting list times across England.
£1.8bn to turn brownfield land into thousands of new homes.
£2.6bn funding for special needs education.
What to expect from the budget?
Rishi Sunak has already warned of tax rises to help “build back better” after the coronavirus pandemic.
The government needs to bring down its borrowing and one of the main ways they can do this is through taxes.
In September, the Health and Social Care Levy tax was announced and Conservatives broke their election promise not to raise income tax, national insurance and VAT.
There has also been rising speculation that university graduates may have to start repaying their loans earlier.