Chancellor Rishi Sunak has today revealed his Budget in the House of Commons.

Mr Sunak told the House that the Budget is intended to provide support during what it is hoped will be the final stage of the Covid-19 pandemic.

The Chancellor said Coronavirus has "fundamentally changed our lives" and promised to do "whatever it takes" to help the economy.

"Our economy has shrunk by 10% - the largest fall in over 300 years. Our borrowing is the highest it has been outside of wartime," he told a sparsely-populated House of Commons.

But he promised to "protect the jobs and livelihoods of the British people."

"It's going to take this country - and the whole world - a long time to recover from this extraordinary economic situation. But we will recover," he said.

The economy is expected to grow 4% this year, and should return to pre-Covid levels by mid-2022, according to the Office of Budget Responsibility.

Here are the key points:

Furlough.

The furlough scheme will be extended until the end of September.

There will be no change to terms for employees. but businesses will be asked to contribute when they reopen, although that won't kick in until July.

Employers will be expected to make a contribution of 10% in July and then 20% in August and September.

Self-employed workers.

Self-employed people will be provided with two extra grants until September. The grants will be targeted over the summer, with those who start to make up their losses receiving less from the government. The scheme will also be extended to include 600,000 more people. Low-income households.

The Universal Credit increase will stay in place for the next six months and the National Living Wage will be increased to £8.91.

The chancellor is doubling incentive payments for businesses who hire apprentices, to £3,000.

Businesses.

Restart grants will be given in April to reopening business.

The Chancellor says £6,000 will be given to non-essential retail businesses, while hospitality will receive an £18,000 grant, due to them opening a month later.

Arts, culture and sport will be given £700 million, and a 2030 World Cup bid from the UK and Ireland will be backed by the government. The sum will include a cash injection of £408m for theatres, museums and art galleries, and a boost for England cricket.

A new recovery loan scheme will also be offered to business - the figures range between £25,000 and £10 million.

The 100 percent business rates holiday will continue until June: businesses will then pay 66 per cent until next year.

The five percent reduced VAT rate for hospitality will be extended to September.

There will also be a £150m fund to help communities take over pubs in danger of closing.

To help meet the cost of the pandemic the Chancellor plans to hike Corporation Tax from 19% to 25% in 2023.

Housing.

The stamp duty holiday will continue to June, and then remain on properties up to £250,000 until September. The Government will guarantee 95% mortgages to lenders. Public Finances.

Income tax, national insurance and VAT rates will not be raised.

Tax thresholds will no longer increase with inflation.

As the Government - and the country - struggle to recover from the financial fallout of the pandemic, Mr Sunak said borrowing would hit £394bn this financial year, the highest figure ever recorded in peacetime.

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