The Autumn Budget has been cancelled this year, as Chancellor Rishi Sunak is expected to unveil further support for businesses.
It is anticipated that a replacement to the furlough scheme, which is due to conclude on 31 October, will be announced.
Sunak was set to deliver his second budget of 2020 within the coming weeks; however, a rapid surge in coronavirus cases has led to its cancellation.
It was expected that the Autumn Budget would set out plans for investment in infrastructure to assist the UK’s recovery from lockdown.
The surge in cases has already resulted in the Prime Minister Boris Johnson imposing new restrictions on economic and social activities.
As a result of the curfew to pubs and restaurants, this has put Sunak under pressure to provide financial support to companies and workers likely to be economically affected.
The Labour Party is calling on the government to extend the furlough scheme past its 31 October deadline.