Sunak is expected to unveil the details in parliament some time around 1230GMT onwards, after the PMQs session is finished
This will be a key risk event for UK assets but there is a sense of optimism going into the announcement, with UK stocks up over 1% to start the session. Here's what we can expect from Sunak later today:
Sunak already provided a bit of a spoiler earlier by saying that the furlough scheme will be extended to September. Adding to that, he is set to announce a £5 billion grant to help struggling retailers and hospitality firms and also an extra £1.65 billion to help the vaccine rollout across the UK.
The budget is also likely to include a mortgage guarantee scheme, VAT and alcohol duty tax cuts for restaurants and pubs, extending the stamp duty holiday for homebuyers, and possibly vouchers for High Street shoppers. There is an outside chance of him announcing a corporate tax hike (from 19% to 25%) but that will be a bold step given current economic circumstances.
The pound is keeping steadier so far today with cable holding around 1.3960-70 and EUR/GBP slightly lower around 0.8650 from 0.8660 earlier.
