Chancellor Gives Summer Statement
Chancellor Rishi Sunak has delivered his summer statement, unveiling his plan to help the UK economy recover from the impact of COVID-19. Below is a summary of the main points made by the Chancellor.
■ A one-off £1000 payment to employers for every furloughed employee retained to the end of January 2021
■ Applies to workers earning over £520 per month, UK-wide
■ Cost estimated at up to £9.4bn
“Eat Out to Help Out” - Saving Hospitality
■ Value added tax cut from 20% to 5% from 15 July to 12 January 2021 for the hospitality sector. Food and non-alcoholic drinks in restaurants, pubs and cafes, as well as hot takeaway food will be covered.
■ Accommodation in hotels and B&Bs and admission to attractions such as theme parks and cinemas also affected
■ "Eat out to help out" scheme offers 50% discount for every diner, up to £10 a head, from Monday to Wednesday throughout August (at participating restaurants.
Boosting the Property Market
■ The threshold for stamp duty on residential property in England and Northern Ireland will rise from £125,000 to £500,000 (8th July - 31st March 2021).
■ Up to £5,000 per household for projects to make homes more energy efficient in England
■ Will match owners or landlords' spend, £2 for £1 for most homes
■ Up to £10,000 per household fully funded for low-income households
Support for young workers
■ "Kickstart scheme": £2bn fund to pay for six-month work placements for 16 to 24-year-olds on universal credit
■ Payments cover national minimum wage for 25 hours per week, plus national insurance and pension contributions for Great Britain
■ £1,000 grant per trainee for employers who take on new trainees aged 16-24 in England, aiming to triple trainee numbers
■ £2,000 grant for employers per apprentice under 25 hired, £1,500 for those over 25, for six months starting 1 August (in England)
■ Doubling the number of work coaches at Jobcentre Plus across Great Britain, with extra help for young jobseekers
■ £150m extra for the Flexible Support Fund, which provides help for jobseekers (in Great Britain)
■ £101m to fund studies for 18 to 19-year-olds in England unable to find work
■ £95m to expand the Work and Health Programme to provide additional support for unemployed people on benefits for more than three months
■ A job-finding support service for those out of work for less than three months, costing £40m
■ £32m over two years for a National Careers Service to provide advice on work and training (in England)