It's then expected to fall in subsequent years, reaching 4.4 percent by 2024.

Mr Sunak said: "Despite the extraordinary support we’ve provided, the OBR expects unemployment to rise to a peak in the second quarter of next year, of 7.5 percent - 2.6 million people.

"Unemployment is then forecast to fall in every year, reaching 4.4 percent by the end of 2024."

As such, many may well be expecting they are at risk of facing a period of unemployment.

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Director of Public Policy at national financial planning group LEBC, Kay Ingram, addressed this recently, suggesting many may find themselves dependent on Universal Credit during this time.

Ms Ingram, a chartered financial planner, went on to share some key tips for those who are fearful of job losses or already being made redundant.

"Savings above £16,000 make them ineligible to receive Universal Credit which is reduced once savings are in excess of £6,000," she began.

"Every £250 of savings between these limits reduces the UC claim by £4.35 per month."

Speaking to Express.co.uk, Ms Ingram highlighted how savers could potentially regain eligibility for Universal Credit.

"Those who have not yet filed their tax return should do so as soon as possible to establish what they owe.

"Tax is usually payable by January 31 but those who are struggling with their finances due to job losses can agree with HMRC a time to pay agreement which enables the tax due to be paid over a longer period.

"This is only available if the return is filed and the tax due agreed with HMRC before January 31, so those needing time to pay should file as soon as possible.

"Filing after January 31 will incur a penalty of £100 which increases until the return is completed."