CHANCELLOR Rishi Sunak has outlined Government spending plans for the year ahead when he announced the Budget for 2021.

The Chancellor faced a difficult balancing act when he set out his Budget, detailing how the government will begin the task of dealing with the black hole in the public finances while also supporting families and businesses hit hard by coronavirus.

Mr Sunak used his Budget to set out a £65 billion spending package this year and next year to support the economy.

The chancellor revealed plans to help the country’s economy recover from the financial impact of the coronavirus crisis including financial support, tax plans and a higher minimum wage.

Some of the key points raised in the Budget announcement include: furlough is to be extended until the end of September, the Government is to continue paying 80 per cent of employees' wages for hours they cannot work, employers to be asked to contribute 10 per cent in July and 20 per cent in August and September, support for the self-employed will also to be extended until September, 600,000 more self-employed people will be eligible for help as access to grants is widened, £20 weekly uplift in Universal Credit worth £1,000 a year is to be extended for another six months, minimum wage is to increase to £8.91 an hour from April and £400m is being given to help arts venues in England, including museums and galleries, to re-open.

Mr Sunak said borrowing is on an 'extraordinary scale' but that the Government will 'rise to that challenge and we can be optimistic about the recovery'.