Spring Budget 2021 LIVE: Latest updates and what it means for Lancashire

Lancashire businesses, tourism chiefs and the "forgotten"self-employed were amongst the groups anxiously waiting to see what Chancellor Rishi Sunak announces today to help the county's battered economy.

Wednesday, 3rd March 2021, 10:54 am

Mr Sunak is expected to announce that the Coronavirus Job Retention Scheme, which has protected more than 11 million jobs since its inception, will remain in place until autumn.

And he will also make announcements crucial to the hospitality and the tourism industries.

The North and Western Lancashire Chamber of Commerce has urged to Chancellor to extend support to help businesses restart and rebuild; avoid tax rises that hit business confidence and growth, and provide incentives to get firms investing again.

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Rishi Sunak

Follow all the latest from today's Spring Budget here from 12pm.

Spring Budget 2021: Live update and reaction in Lancashire

Last updated: Wednesday, 03 March, 2021, 13:33

Labour leader Sir Keir Starmer describes the Budget as “papering over the cracks” after a decade of cuts and the massive effect of the pandemic on the economy from the pandemic. There was absolutely no mention of social care - Labour would have had the NHS and care homes at front and centre, he says

“This is a Budget that protects the jobs and livelihoods of the British people”, says Sunak

No rise in duties on beer, spirits and fuel

Tax breaks to encourage businesses to invest announced by Chancellor

Corporation tax paid on company profits to rise up to 25 per cent in 2023

Personal tax thresholds frozen

Businesses will be able to apply for restart grants to get them back on their feet

From next month, 95 per cent mortgages will be available from many lenders

Business rates and VAT

Business rates holiday will continue until June, then discounted. And the 5 per cent VAT rate affecting tourism and hospitality will be extended until the end of September

Extra £20 on UC will continue for 6 months, says Chancellor

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