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Top takeaways from the 2020 Summer Statement

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Written by: Emma Lunn
08/07/2020
Chancellor Rishi Sunak has set out A Plan for Jobs 2020 in his Summer Statement dubbed the “mini budget”.

Sunak’s announcements included bonuses for firms taking back furloughed employees, a Kickstart scheme for young people, cash for firms taking on apprentices, £2bn of Green Homes Grants, and cuts to stamp duty and VAT.

Here are the key points:

Jobs Retention Bonus

The Job Retention Bonus will provide a £1,000 one-off payment to UK employers for every furloughed employee they bring back and who remain continuously employed until the end of January 2021.

Kickstart jobs scheme

A £2bn Kickstart scheme will subsidise six-month work placements for people on Universal Credit aged between 16 and 24, who are at risk of long-term unemployment.

Boost for apprenticeships

Firms will get a £2,000 bonus for each apprenticeship role they create, with a £1,500 bonus for apprentices aged over 25.

Stamp duty cut

A stamp duty holiday on homes selling for less than £500,000 starts straight away, and will run until 31 March 2021.

Sunak says the cut will mean nine out of 10 buyers won’t pay stamp duty on their home purchase.

Green Homes Grant

Homeowners will receive vouchers of up to £5,000 to make their home more energy efficient, and the poorest households up to £10,000.

The Government says the move will create jobs as well as reduce emissions.

VAT cut for hospitality and tourism sectors

The VAT payable on food and drink (but not alcohol), accommodation, and visits to attractions will be reduced from 20% to 5% for six months.

Eat Out To Help Out

A new discount scheme will provide a 50% reduction up to £10 per head for sit-down meals in participating cafes, restaurants and pubs from Monday to Wednesday every week throughout August 2020.

 

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