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CORONAVIRUS

Rishi Sunak looking to delay tax rises and end the stamp duty holiday

Rishi Sunak has been warned that almost a quarter of a million house sales could collapse
Rishi Sunak has been warned that almost a quarter of a million house sales could collapse
KIRSTY WIGGLESWORTH/AP

Rishi Sunak is expected to shelve plans for tax rises in his March budget amid mounting concerns about the “colossal” scale of the economic fallout from coronavirus.

The chancellor has repeatedly warned that the huge levels of debt built up by the government as it battles to contain the fallout from coronavirus could be unaffordable if there is a sudden rise in interest rates.

This week he announced a further £4.6 billion support package for businesses after the third national lockdown. He also refused to rule out extending the furlough scheme, which pays 80 per cent of people’s wages, beyond April.

However, a senior government source said that it was the “wrong time” for tax rises and they were likely to be shelved until the