The chancellor will pledge to use the government's full "fiscal firepower" to protect jobs and livelihoods, vowing to do "whatever it takes" to help businesses and people.

On the housing front it has been reported that the stamp duty holiday, which is due to end on 31 March, could be extended and a mortgage guarantee scheme to help buyers with just a 5% deposit.

A mortgage guarantee scheme would help people with small deposits get on the property ladder. The government will offer incentives to lenders, bringing back 95% mortgages which have "virtually disappeared" during the pandemic, the Treasury says.

The new mortgage scheme is not restricted to first-time buyers or new-build homes, but there will be a £600,000 limit.

The coronavirus pandemic has meant there are now few low-deposit mortgages available, the Treasury said, with just eight on the market in January.

They are often seen as riskier by banks as they are more vulnerable to negative changes in property prices - meaning people hold more debt than their home is worth.

Under the scheme, which will launch across the UK in April, the government will offer to take on some of this risk.