Rishi Sunak has announced a £5bn Restart Grant scheme to help small businesses.

Hospitality, accommodation and leisure businesses which are expected to reopen later than shops on 12 April could get up to £18,000 depending on their rateable value.

Meanwhile, local authorities in England will also get an extra £425 million to distribute grants to businesses not eligible for the “restart grants” but are still suffering because of Covid restrictions.

On Wednesday Rishi Sunak is expected to extend the Coronavirus Job Retention Scheme to June after which, it is expected to be gradually wound down.

There may also be additional one-off bonuses to companies that take back furloughed workers.

Also expected is the fourth and final round of the £7,500 grant for the self-employed.

Rishi Sunak is planning a gradual increase in corporation tax in the coming years from 19% to 25% to assist economic recovery.

It was previously expected he was only considering a high of 24%.

There are plans to use an autumn Budget to increase National Insurance Contributions (NICs) paid by Britain’s self-employed.

Recent polling found that an online sales tax would be the most popular way of recouping some of the costs which could possibly pave the way for a reduction in business rates.