CHANCELLOR Rishi Sunak will unveil his second Budget of the year today, with economic plans that will take us through the winter.
But what time is it on and what is he expected to say? Here’s all you need to know….
1
What time is Rishi Sunak’s Budget speech today?
Rishi Sunak’s Budget speech will take place in the House of Commons on Wednesday, October 27, 2021, after Prime Minister’s Questions.
This means it will kick off at around 12.30pm.
Budget talks usually last about an hour.
What could be announced in the Budget?
Fuel duty
It’s thought the Chancellor has abandoned plans to clobber drivers with an extra £1.27 every time they filled up an average 45 litre tank.
The hated fuel duty was due to go up from 57.95p per litre to 60.79p — potentially costing drivers £66 extra a year per car.
But MPs say they have been privately assured by the Treasury that the scheduled 4.9 per cent rise for 2022 will not go ahead.
Minimum wage
Mr Sunak is expected to boost millions of workers’ pay packets in the Budget tomorrow.
He is set to increase the minimum wage from the current £8.91 to £9.50 an hour.
? Read our Budget 2021 live blog for live updates
It will come into force from April 1 next year, and works out at an extra £1,073.80 per year.
This is roughly the same amount of money that Brits claiming Universal Credit were receiving under the £20 a week uplift which was axed earlier this month.
Heating bills
It is thought Sunak will not axe VAT on household energy bills in today’s Budget – despite families being clobbered with eye-watering rises.
The chancellor is under pressure to scrap the 5% VAT charge on heating bills for six months from November 1 to help bills be more affordable during the winter.
It would save the average household £38 a year at a time when energy bills are reaching record-breaking highs.
Customers are being battered with a £139 increase to their bills after the price cap rose earlier this month.
Public sector pay
The Chancellor put the squeeze last year on 2.6 million teachers, civil servants and police officers’ wages because of Covid.
But he will use his Budget this Wednesday to end that pain.
Taper rate
The government has been under pressure from charities and organisations to cut the punishing taper rate and allow claimants to keep more of their cash.
It is rumoured that Rishi Sunak will potentially slash the taper rate in his Budget today.
It’s understood that the DWP’s main spending review ask – to cut the taper rate down to 60p – will be backed by Rishi’s team.
This will help to soften the blow for the lowest paid ahead of a tough winter while families are being battered by soaring energy, food and fuel costs.
How can I watch Rishi Sunak’s Budget speech?
You can watch Mr Sunak’s Budget speech live at the top of this article.
You can also watch on The Sun’s YouTube channel.
Afterwards we will have highlights of the speech for you to watch again.
The speech will also be aired on major news channels like BBC News and Sky News.
And it will be available on BBC iPlayer and Sky News’ YouTube channel.
Rishi Sunak to end public sector pay restraints and increase the minimum wage in latest Budget
