The Chancellor of the Exchequer, Rishi Sunak, has announced that the government will publish the Budget on Wednesday 3 March 2021.
The Budget will set out the next phase of the plan to tackle the virus and protect jobs and will be published alongside the latest forecasts from the Office for Budget Responsibility (OBR).
The announcement was made alongside confirmation that the furlough scheme will be extended by an extra month to 30 April 2021, with the government continuing to pay 80% of wages until the end of the Scheme. That means the government contribution will not be reduced at the end of January, as was previously thought.
The Budget was meant to have taken place in November of this year, but it has been the most extraordinary year.
The Coronavirus pandemic has meant the Chancellor has had to continually bring forth new measures to help businesses and individuals cope with the financial impact, as can be seen from the list of key changes noted below.
Rumours persist as to what the Chancellor may do next year to recoup some of the £300bn the government has spent in propping up the UK economy to counteract the impact of Covid.
Will he go for tax raising measures, such as aligning Capital Gains Tax rates with those for income tax, or will he impose a one-off wealth tax? Or will he delay tax rises until the pandemic is well behind us?
Significant tax rises would be damaging to any economic recovery at this stage.
This Chancellor has had to deal with challenges to the UK economy it has not faced in 300 years. Covid's impact has been seismic.
Next March's Budget will be a landmark Budget, not only because of the pandemic, but also because it will be the UK's first Budget as an independent country outside the EU for over 40 years.
The Treasury has set up a portal for those who wish to make representations ahead of the Budget.
Summer Economic Update 2020 (8 July)
Spring Budget 2020 (11 March)
Winter Economy Plan Part 3 - the lockdown sequel (2 November)
Winter Economy Plan Part 2 (22 October)
Winter Economy Plan Part 1 (24 September)
Check out our Business after COVID-19: Transition Knowledge Hub for more guidance and advice on managing the pandemic.