The Chancellor’s Summer Statement

Below is a selection of the key announcements from the Chancellor, Rishi Sunak, today:

  • The furlough scheme will end in October
  • A new Jobs Retention Bonus will be introduced for businesses to retain staff. They’ll be paid £1,000 for every furloughed employee they keep on up to January 2021
  • A £2bn “kickstart” scheme to help create job placements for 16-24 year olds for six months
  • VAT will be cut from 20% to 5% from 13 July to 12 January 2021 for some areas. Food and non-alcoholic drinks in restaurants, pubs and cafes, will be covered as well as hot takeaway food. Hotels, B&Bs, and theme parks and cinemas will also benefit
  • “Eat out to help out” scheme offers 50% discount for every diner, up to £10 a head, from Monday to Wednesday throughout August
  • The threshold for stamp duty in England and Northern Ireland will rise from £125,000 to £500,000 on residential property sold between 8 July 2020 and 31 March 2021 

read a full summary here