Chancellor tells Cabinet what is in The Budget

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Chancellor Rishi Sunak has told the Cabinet what is in his Budget.

The meeting this morning came ahead of The Budget being announced in Parliament at 12.30pm.

It will contain an extension to furlough, billions more in support for business, sports and culture and an increase in contactless payment limits.

Rishi Sunak has told the Cabinet that borrowing is on an “extraordinary scale” but that the Government will “rise to that challenge and we can be optimistic about the recovery”, Downing Street said.

The Prime Minister’s official spokesman said: “The Chancellor set out to Cabinet details of the Budget he will deliver later today. He said that the coronavirus pandemic has hit our economy hard. We’ve stepped in to provide support and protect jobs and today we will outline more support to get people through to the other side of the crisis.

“The Chancellor said we must be honest with ourselves and the country about what that has meant. We are borrowing on an extraordinary scale – equivalent only to wartime levels. He said that, as a Conservative Government, we know that we cannot ignore this problem and it wouldn’t be right or responsible to do so.

“The Chancellor said that, while we face challenging times, we will rise to that challenge and we can be optimistic about the recovery. He said the Budget will begin the work of building our future economy.

“The Prime Minister said the measures being announced in the Budget today were only possible because of the prudence of the Conservative Government over a long period of time, which meant the country had gone into the crisis with strong public finances. He said the Budget would begin to set out how the country will make the most of our post-Brexit future and as a science superpower.

“The PM said the Government’s plan for growth would focus on innovation, skills and infrastructure – with the mission being to unleash the potential of our whole country and build back better from the pandemic.”



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