Chancellor Rishi Sunak has delivered his summer economic plan to help the UK economy recover from the impact of the coronavirus pandemic. Here are a summary of the main points.
SUMMER STATEMENT HIGHLIGHTS
- A £1,000 Job Retention Bonus will be introduced when the Coronavirus Job Retention Scheme ends for employees who have been furloughed.
- A new Kickstart Scheme will cover employers’ costs for new six-month work placements for trainees aged 16-24.
- A £1,000 payment will be made to employers for each 16-24-year-old on work placement and training.
- Employers who hire new apprentices will receive payments of up to £2,000.
- There will be a temporary cut to Stamp Duty Land Tax on residential property, increasing the zero-rate band to £500,000 and saving purchasers up to £15,000.
- The rate of VAT will be cut temporarily from 20% to 5% for restaurant, food, accommodation and attractions businesses.
- An ‘Eat Out to Help Out’ Scheme will offer 50% meal discounts during August.
A more detailed overview can be download here.