Chancellor’s summer economic statement: Key points . . .

July 8, 2020

Chancellor Rishi Sunak is making his economic statement in the Commons. He said the government would do “all we can” to help prevent job losses in the wake of the coronavirus pandemic. The main points were: 

  • Government will pay £1,000 to businesses for each furloughed employee they bring back and retain until January.
  • Cut in stamp duty. Threshold increased from £125,000 to £500,000 until March 31 next year, to take effect immediately. 
  • Chancellor says this is going to be a “green recovery”. £5,000 new Green Grant will be available to make homes more energy efficient  as part of £2bn scheme.
  • Cut in VAT on food, accommodation and attractions from 20% to 5% until January 12 next year.
  • Everyone in country will get an “eat out to help out” 50% discount to use in participating restaurants during August. This will be up to £10 for each diner, including children, on Mondays and Wednesdays. 
  • Kickstart Scheme to directly pay employers to create new jobs for any 16 to 24-year-old at risk of long-term unemployment. They must work a minimum of 25 hours a week and paid at least the National Minimum Wage.
  • Businesses to be paid £2,000 to encourage them to hire apprentices.
  • Total package for jobs worth £30bn.

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