However, it is thought that Mr Sunak will use the spring budget to extend government relief, including the furlough scheme, business support loans, cuts in VAT and perhaps even stamp duty until the virus is under control.
He will also announce that those measures will be phased out across the year in favour of “a plan for jobs” to kick-start employment and a “plan for growth” to promote new industries.
When asked about a potential furlough extension, a Treasury spokesperson said: “We’ve invested more than £280bn throughout the pandemic to protect millions of jobs and businesses – and extended our self-employed and furlough schemes through to April so that people have certainty that help is in place.
| UPDATED: 07:18, Fri, Jan 8, 2021
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The furlough scheme has been a lifeline for countless workers up and down the country who have found themselves without consistent work throughout the coronavirus pandemic. The Jobs Retention Scheme is Rishi Sunak’s flagship coronavirus economic intervention and has now been running for almost a year as the coronavirus pandemic continues to plague the UK.