Chancellor Rishi Sunak said in his January Economic Update that the UK economy will ‘get worse before it gets better’, but did not unveil any new measures to help with the third national lockdown.
The Chancellor is under growing pressure for extra business support on top of what is already available. However, he told the House of Commons that the existing measures will help Britain through until the spring.
He is due to announce his Budget on 3 March 2021.
In his statement on 11 January, the Chancellor said there were signs of “underlying resilience” in the economy as he pointed to evidence of businesses improving their cash reserves and the new trading arrangements with the EU that finally removes Brexit uncertainty.
The Treasury has issued a summary of existing support measures to which the Chancellor referred.
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