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In his Budget speech on Wednesday, Sunak is expected to outline the government s three-point plan to navigate the U.K. s economic recovery, in terms of current fiscal measures and plans to restore the country s ravaged public finances in the future. He will also plot out the next stage of the government s Plan for Jobs, launched in October.
The Coronavirus Jobs Retention Scheme will continue subsidizing 80% of the wages of furloughed employees until the end of September, but businesses will be asked to contribute 10% in July and 20% in August as the economy reopens. There s now light at the end of the tunnel with a roadmap for reopening, so it s only right that we continue to help business and individuals through the challenging months ahead - and beyond, Sunak is expected to say.
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Britain’s mortgage approvals remained robust in January despite the property sector expecting finance minister Rishi Sunak’s property tax break to expire soon, according to Bank of England data.
UK lenders approved 98,994 home loans in January, down about 4,000 from the 102,809 seen in December, with some buyers fearing their transaction would not complete before the stamp duty land tax (SDLT) break ends on March 31.
However, Mr Sunak is expected to extend the tax perk until the end of June at Wednesday’s budget to prevent the sector from grinding to a halt just as the country s economic recovery begins.
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British Finance Minister Rishi Sunak is ready to spend his way out of the Covid-19 crisis in his March 3 budget with extra support for sectors particularly hurt by the pandemic as he looks to stimulate a post-lockdown boom.
Mr Sunak is expected to keep tax increases to a minimum and instead focus on propping up jobs and businesses to bolster the economy and help harder-hit sectors such as hospitality, tourism and retail to recover from the cycle of lockdowns.
While Mr Sunak had hoped to use the budget to set out a path towards restoring the battered economy, analysts questioned whether he will make any moves towards balancing the books.
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