Budget 2021 live: FTSE jumps as Sunak prepares to extend Covid supports

Budget 2021 live: FTSE jumps as Sunak prepares to extend Covid supports

Good morning. It's Budget Day. Rishi Sunak will address the House at 12 30pm this afternoon to present his second budget as chancellor. 

Several major announcements have already been made, including plans to extend the furlough scheme until the autumn. Tax rises are also likely. The FTSE 100 is set to open in positive territory ahead of the speech. 

Meanwhile Mr Sunak will also consider Lord Hill's 86-page report alongside the budget. In a bid to attract more high-growth companies to the City, the former EU commissioner has proposed a wide-ranging overhaul of regulations which would slash red tape and allow company founders to retain more power. 

5 things to start your day 

1) The City has to break free from EU rule, says Lord Hill: UK should use newfound freedom to turbocharge the City post-Brexit, said Jonathan Hill, former EU commissioner for financial services.

2) Greensill Capital seeks insolvency protection in Australia: Germany's financial regulator Bafin has meanwhile taken direct oversight of Greensill Bank, according to reports on Tuesday evening.

3) Singapore wealth fund backs North Sea carbon capture venture: Exclusive: Singapore's sovereign wealth fund and other international investors have bought a slice of a leading UK carbon capture developer.

4) Biden's markets watchdog to put trading apps under new scrutiny: Gary Gensler,