Yesterday, 8 July 2020, the Chancellor Rishi Sunak delivered a statement designed to help accelerate the UK’s economic recovery from the impact of Coronavirus.
Unprecedented measures for unprecedented times aimed at protecting jobs, boosting the property market, helping young workers and encouraging spending in the leisure and hospitality sector, the key points announced included:
- A Job Retention Bonus aimed at encouraging businesses to retain key staff
- A six-month reduction in the rate of output VAT to 5% for restaurants, hotels and attractions
- An increase in the threshold from which stamp duty on residential property applies to £500,000
- A Green Homes Grant of up to £5,000 per household to make homes more energy efficient in England (up to £10,000 for low income households)
- “Eat out to help out” scheme offering 50% discount for every diner, up to £10 per head, from Monday to Wednesday throughout August
- “Kickstart” scheme to fund the pay for six-month work placements for 16 to 24 year olds on universal credit
- Apprenticeship grants for employers who take on an apprentice during a six month period commencing on 1 August
- Large scale investment across the Department for Work and Pensions to provide support for jobseekers
- Additional investment for infrastructure projects within the UK
We have compiled a summary report outlining the Chancellor’s measures in the link below.
Summer Statement 2020 Report
If you have any initial queries please get in touch with your usual CB Reid contact.