Mar 2, 2021
Budget 2021: Chancellor set to announce £400m for arts sector
The chancellor is set to announce more than £400m of additional support for the badly-hit culture sector in Wednesday's Budget. The chancellor will outline the state of the UK economy and its outlook for the future during his 3 March Commons statement and give details of the government's plans for raising or lowering taxes. His successor in the seat, Rishi Sunak, was forced to grapple with the colossal economic consequences of a pandemic within weeks of becoming chancellor. The chancellor is reportedly considering raising corporation tax to as much as 25% from 19%. On Sunday, Mr Sunak said he said he wanted to "Be honest" with the public about the pandemic's impact on the economy and "Clear about what our plan to address that is". Labour's shadow chancellor, Anneliese Dodds, has suggested her party could support an increase to corporation tax in the "Long term".
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