Chancellor Rishi Sunak is expected to unveil the following plans, according to national media outlets:
- £5bn in government grants, of which 700,000 firms would be eligible to receive up to £18k each, are to be offered to businesses in retail, hospitality, accommodation, leisure and personal care. Also, an extension in the temporary 100% tax cut for hospitality, retail and leisure is expected.
- The furlough scheme is expected to be extended until the end of September. Employees will continue to receive 80% of their wages until the scheme ends, but firms will be asked to contribute 10% in July and 20% in August and September to fill the gap to 80% when the government contributions wane to 70% and then 60%.
- Grants of up to £7.5k for self-employed people will be available for three months from next month. The best news for the self-employed is that the scheme is being expanded to allow those who started working for themselves in the 2019-20 financial year to make claims.
- £300m of funding is on the horizon for sport to help the sector through lockdown and into the summer.
- The rate of corporation tax is expected to rise from 19%.
- Theatres, museums, galleries and live music venues will get £400m while people can apply for up to £1m to rescue local pubs and football clubs from closure, the Daily Telegraph reports.
- A new national infrastructure bank is expected to receive about £22bn. The Guardian reports that the government will also invest £375m into a future fund for fast-growing high-tech companies.
Pre-Budget news reports say that an extension to the furlough scheme, a rise in corporation tax, a new round of grants for the self-employed and a £5bn fund to help hospitality and retail outlets are among the provisions anticipated for the Spring Budget, set to be announced this afternoon.