Budget, Tax and Economy
All the key policies and takeaways including stamp duty and VAT cuts, an "eat out to help out" voucher, and a plan to save jobs.
The proposed scheme, which has already seen success in other countries, would also see every child handed £250 by the government.
Shadow chancellor Anneliese Dodds calls for targeted extension of furlough scheme for local lockdowns and key sectors.
The UK looks set to enter a recession for the first time in more than ten years since the 2008-09 financial crisis. Huge parts of the UK economy shut down during the coronavirus lockdown and in April 2020, UK GDP shrank by 20.4%. But what is a recession?
According to the ONS, the economy fell by 2.2% – the largest drop since 1979.
Chancellor Rishi Sunak also announces plans to begin scaling back government support for the furlough scheme benefitting 8.4m workers.
The job cuts reflect an economy that was seized by the worst downturn since the Great Depression, after the virus forced the widespread shutdown of businesses.
The Bank said the economy could contract by as much as 3% in the first quarter and another 25% in the three months to the end of June.
GDP could also fall by 35% in second quarter of 2020 but would "bounce back quickly", analysis by the Office for Budget Responsibility suggests.
Former cabinet ministers join Labour in urging "immediate" support.