Chancellor Rishi Sunak is expected to make protecting jobs and business - and boosting recovery chances - core elements of his Budget set to be announced in the House of Commons at 12.30 pm today.

Among the measures expected are an extension of the furlough scheme to September or October and help for the unemployed.

A rise in Corporation Tax to pay for these and other pandemic spending measures is also expected along with a signal about future tax rises.

Other likely measures include:

• Support for apprenticeships and traineeships

• A ‘fast-track’ visa scheme for highly skilled workers from overseas

• A boost to management training

Robert Alster, CIO at investment management firm Close Brothers Asset Management, said: “We’re not expecting too many surprises when the Chancellor takes to his feet to deliver one of the most widely leaked budgets in history. The key focus will clearly be continued support for the economy, as we navigate our way out of lockdown. Businesses will be listening closely for the approach to business rates and VAT cuts in the coming months.

“The question is how Rishi Sunak will balance the need for short term support while addressing the long term problem of the deficit. In recent weeks, speculation about tax rises has been rife. Specifically, a reform of capital gains tax, increasing corporation tax and potential ‘stealth’ taxes in the form of income tax band freezes.

“However, the overarching factor in this Budget is the need to remain politically expedient in an already sensitive environment. The Conservative manifesto pledge not to increase taxes is frequently cited by Tory backbenchers and commentators alike, and the Chancellor will have to tread carefully.”

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