On Wedneday Chancellor Rishi Sunak will set out plans to kick start the battered British economy after the coronavirus crisis with a pledge to create thousands more jobs.
The Government faces stark warnings from unions and bosses there could be 1980s levels of mass unemployment unless it provides a massive support package.
Despite spending billions on grants, subsidies and loans to protect the British economy from the shock of lockdown thousands of jobs have already gone.
And with the furlough scheme set to be wound down even more crippling job losses in some sectors are on their way.
In his mini-Budget Mr Sunak is expected to set out his plans to help minimise mass joblessness as the economy recovers. He is expected to set out job creation schemes as well as extra support for those in sectors including hospitality, aviation and retail.
Mr Sunak is also expected to cut stamp duty for homes up to £500,000 after fears that delaying it will see the housing market stall. He has already set out a “green jobs” package which environmental groups warned did not go far enough
So when is Mr Sunak speaking and what might be announced?
Is this a budget?
No, but it is going to be a big event for the British economy.
But at a Budget the Chancellor confirms VAT and excise rates on a range of products and performs a lot of small functions set out in law.
That isn’t going to happen tomorrow.
Instead Rishi Sunak is going to be focussed on a plan to jump start Britain’s faltering economy in the wake of lockdown.
What time does the speech start?
Everything will kick off after Prime Minister’s Questions.
So it is expected to start sometime between 1230 and 1245.
Where can I keep up to date with announcements?
Well you’ll able to watch the speech live, and follow all the our reporting and analysis at Mirror.co.uk/politics.
We’ll be providing minute by minute updates on our liveblog.
If you just want a summary check back after lunchtime and we’ll tell you what you need to know, without all the bluster.
The speech will also be covered by the BBC and other rolling news channels.
What might be announced?
Everyone gets a £500 voucher to spend on the high street
Mr Sunak is reportedly considering a £30 billion ‘high street voucher’ scheme.
Authors of a report by the Resolution Foundation said vouchers worth £500 per adult and £250 per child could be handed out to be spent in hard-hit sectors of the economy, such as face-to-face retail, hospitality and leisure.
A massive cut in stamp duty
Most house buyers will be exempted from paying stamp duty for six months, it has been reported.
The property tax threshold could be increased as as high as £500,000 pounds in a bid to exempt most homebuyers from paying any stamp duty and kickstart the economy.
A bonus for companies who employ trainees
More than £100 million is to be invested in traineeships for 18-24 year olds in response to the coronavirus crisis.
Businesses offering new traineeships in England will receive a £1,000 bonus per trainee under the £111 million scheme.
A ‘Green Homes scheme’ that could help you pay for upgrades
Home owners will get £2billion of vouchers to insulate homes as part of Chancellor Rishi Sunak ’s plans to create more than 100,000 green jobs.
Hundreds of thousands of households will get grants of up to £5,000 to make their homes more environmentally friendly.
Vouchers worth up to £10,000 will be available to some of the poorest families.
The Green Homes Grant scheme — which will provide extra work for plumbers, builders and tradesmen and help the Covid-hit economy recover — will be announced in Wednesday’s mini budget.
Homeowners will be able to spend the cash on loft, wall and floor insulation, eco-friendly boilers, heat pumps, double or triple-glazed windows, low-energy lighting and energy-efficient doors.
The scheme will go live in September and, according to Treasury estimates, will save families up to £600 a year on energy bills.
Green jobs in construction, engineering and design
Some £1bn will be spent on ‘greening up’ public buildings including schools, hospitals and social housing.
And there’ll be a £50million pilot scheme to retrofit social housing with heat pumps, insulation and double glazing, to make them more environmentally friendly.
Homes are currently responsible for around a fifth of the UK’s total CO2 emissions.