CHANCELLOR Rishi Sunak will deliver the first Budget of Boris Johnson's government today.
After just two months in the job, Rishi Sunak will leave Downing Street clutching the infamous red briefcase and outline the UK's spending commitments.
Read our Budget live blog for all the latest news and updates
What time is the Budget speech today?
The Budget, or Financial Statement, is an announcement made to the House of Commons by the Chancellor of the Exchequer regarding the nation's finances and the government's proposals for changes to taxation.
Rishi Sunak will deliver the Budget today (Wednesday 11 March) from around 12.30pm – straight after Prime Minister's Questions (PMQs) which take place at midday.
The speech usually lasts about an hour – which would see it finish around 1.30pm – although this one could overrun if Boris Johnson spends longer talking about the government's coronavirus contingency plans.
Britain normally has its Budget in November, but the 2019 Budget was delayed due to the General Election and pushed back to March.
But this year the usual spring statement is being replaced with a Budget, and we'll get another Budget in its normal slot later this year.
It will be the first Budget for the UK in more than 40 years as a non-EU member state following Britain's exit on January 31.
What are the Budget 2020 predictions?
Flood ravaged communities will be getting a £5.2billion funding boost in the Budget.
But Steve Webb of the Royal London Group (the UK's largest mutual insurer) doesn't expect any major changes so close to the start of a new financial year in April.
He said: "The new government will have had little time to draw up detailed plans to overhaul major areas of the tax system.
"With a Budget just a few weeks before the start of the new financial year on April 6, it seems particularly unlikely that we will see major changes to take effect for 2020/21."
Even so, here are some of the changes experts are expecting to be announced and more information on how they will affect your finances.
- Pension tax relief shake-up
- More help for first-time buyers
- National Insurance tax cut
- Scrapped tampon tax
- Council tax rise to fund social care costs
- Guaranteed access to cash machines
- Cash to protect against coronavirus
- Cash boost for parents of premature babies
- Extra cash to help the environment
- Rise in fuel duties
- Frozen or cut spirits duty
How can I watch the Budget 2020 speech live?
Live coverage of the Budget begins at 11.15am on BBC Two in the Politics Live show presented by Andrew Neil, which runs until 3pm and will take in all the reaction to the speech.
You can also watch it live on the BBC News Channel on Sky channel 503, Virgin Media channel 601 or Freeview channel 107 for HD, 203 for SD or catch it all at a later time on BBC iPlayer.
Sky News will have their own coverage on Freeview channel 233, Sky channel 501, Virgin media channel 605 or live on YouTube.
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