It was initially scheduled to end in December of this year.

Sunak confirmed that the bank surcharge will be cut.

The chancellor also announced that corporation tax will be raised.

Sunak also said that the government would not get rid of business rates.

He explained that it would be irresponsible because they raise £25bn, but there will be revaluations every three years.

“A new investment relief will encourage investment in technologies like solar panels,” said Sunak.

Sunak said the planned increase in the multiplier will be cancelled.

He also announced there will be a 50% cut for the hospitality and leisure sector. This tax cut will be removed after a year.

Sunak added that the measures in total will cut business rates by £7bn.