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.

The Budget announcement is expected to begin at 12.45pm today (Wednesday 3 March 2021).

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