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Summer Economic Update: Baachu Summary

Baskar Sundaram

Key Points

  • As part of today’s Summer Economic Update the Chancellor has made the following announcements.
  • The full Plan for Jobs can be found here: Click Here
  • House of Commons Library background briefing: Click Here

  Employment

  • Introduction of Job Retention Bonus. £1,000 paid for each employee who returns from furlough and employed continuously through to January 2021.
  • Introduction of Kickstart Scheme, open for applications from August. The Government will pay the wages of 16 – 24-year-olds, amounting to a grant of £6,500 per young person.
  • A new £2,000 payment for firms to take on apprentices. £1,500 for apprentices over 25.
  • Doubling the number of job coaches in job centers.
  • More funding for career advisors and traineeships.

Tax & Pensions

  • VAT reduction from 20% to 5% for the tourism and hospitality sectors, from next Wednesday until 12 January 2021.
  • Eat out to Help Out Discount worth £10 per head on eating out in August.

Infrastructure, Housing & Environment

  • £2bn on a new green homes grant. This should make 650,000 homes more efficient, saving families £300 a year.
  • £1bn funding to improve energy efficiency on public buildings.
  • Stamp duty to be abolished on homes worth up to £500,000. This will take effect immediately and run until 31 March 2021.

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