"The Office for Budget Responsibility announced following yesterday’s presentation by Chancellor Rishi Sunak of his spending and taxation plans that the tax burden in the UK would rise to its highest levels since the 1960’s when all of the deferred items kick in.

Sunak’s second budget was, in his own words, not popular but honest. Large firms will be taxed at a rate of 25%, rising from 19% starting in 2023, while by the middle of the decade 1.3 million more people will be paying income tax.

Most measures to reduce the level of Government borrowing were deferred until the recovery is well on the way to stabilising the economy while several of the measures put in place to provide support to those most affected were extended.

The furlough scheme will stay in place until September although employers will be expected to contribute 10% in July and 20% in August and September.

The stamp duty holiday remains in place while the scheme to support first time buyers that was announced recently will come into force immediately.

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