The Chancellor is set to announce a new support package for businesses today, according to reports.

Rishi Sunak will unveil a new plan to help firms, particularly pubs and restaurants, who have seen their trade drop as a result of the social restrictions, as well as looking at the tier system south of the Border, it is claimed.

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Mr Sunak will make a statement to the Commons on Thursday morning and the Telegraph reported he will unveil financial measures to help firms following complaints from industry leaders and MPs that thousands of jobs were at risk ahead of Christmas.

The Chancellor's spokesperson said: "The Chancellor is due to update the House of Commons on the economic situation, in particular, and so far as it relates to the new restrictions.

"And, what we have always said is that our package of support is always flexible and always up for review to make sure that it is dealing with the situation as it evolves."