Summer Statement

Earlier today The Chancellor Rishi Sunak set out his Summer Statement; a series of economic measures to get the economy up and running again after the country was forced into lockdown in March.

Here is what was announced:

Furlough Scheme

  • The introduction of a new policy – the Job Retention Bonus of £1,000 will reward and incentivise employers who bring furloughed staff back

Discounts on eating out

  • ‘Eat Out To Help Out’ discount, 50% off up to a maximum discount of £10 per head on sit-down meals and non-alcoholic drinks Monday-Wednesday throughout August

VAT cuts for hospitality and tourism sectors

  • VAT on food, accommodation and attractions will be cut from 20% to 5% until 12 January 2021. This includes food and non alcoholic drinks sold by restaurants, cafes , bars and pubs and similar premises as well as supplies of accommodation including hotels and B&BS and admission to attractions, including cinemas, zoos and theme parks

Introduction of the Kickstart Scheme

  • The ‘Kickstart’ Job Retention Scheme will give under 25’s directly paid employment, with training and support to get a permanent job. The government is to pay wages for six months and employers can apply to be part of the scheme from August.  There is no cap on places, but the employee must work at least 25 hours per week

Training

  • Firms will get a payment of £2,000 for each apprentice they take on

Stamp Duty

  • The threshold for Stamp Duty will increase from £125,000 to £500,000. The cut will be temporary, running until 31 March 2021

Green investment

  • Vouchers worth £5,000 will be made available out of a £2bn pot to retrofit homes with insulation, helping to cut carbon emissions

For further information on yesterday’s announcements, please click here. Please also visit our Coronavirus Information Portal where you can access a host of resources on the latest government support and advice from our experts.

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