Chancellor Rishi Sunak today outlined a series of measures aimed at restarting the economy after the recent impact of the COVID-19 pandemic. Key points delivered in his speech were:
- Stamp Duty holiday – a temporary holiday on stamp duty, on the first £500,000 of all property sales in England and Northern Ireland, effective immediately.
- The launch of a new “Kickstart Scheme” to create more jobs for young people – a six-month work placement for people on Universal Credit between 16 – 24 who are at risk of long-term unemployment.
- The launch of a “Job Retention Bonus” – the Government will pay employers a £1,000 bonus for every staff member kept on for three months once the furlough scheme ends in October.
- VAT cut from 20% to 5% – on food, accommodation and attractions starting 15th July until 12th January 2021. Watch out for more details on the VAT cut from our specialist team shortly.
- A new ‘Eat out to help out’ discount – will give people 50% off meals in participating restaurants on Monday-Wednesday throughout August, up to £10 per person.
Other announcements made before Chancellor Sunak’s speech in the Commons include:
- Grants to help homeowners and landlords in England as part of a green investment package – will receive vouchers of up to £5,000 for energy-saving home improvements.
- Organisations working in the arts and culture sector across the UK are to receive £1.57bn in grants.
- A pledge to provide 30,000 new traineeships for young people in England, giving businesses £1,000 for each new work experience place they offer.
Details about the VAT rate cut can be found here.