Budget news LIVE: Rishi Sunak reveals huge cost of Covid recovery with tax, furlough and borrowing plans

Chancellor Rishi Sunak delivering his Budget to the House of Commons

(PA)

Rishi Sunak today said the economy’s recovery from the pandemic will be "swifter and more sustained" than previously thought as he set out his Budget.

But the Chancellor warned it would take "a long time" to rebuild as he outlined another £65 billion worth of measures over this year and next to help the UK’s Covid-hit economy - taking the total Government support to £407 billion over that period.

The measures announced included extending the stamp duty holiday until the end of June. He also said the temporary £20-a-week increase in Universal Credit payments will continue for a further six months, while freezing income tax thresholds and announcing a rise in corporation tax.

"It's going to take this country - and the whole world - a long time to recover from this extraordinary economic situation. But we will recover,” he told MPs. However, Labour leader Sir Keir Starmer said the Budget was a "quick fix, papering over the cracks".