Share this post
Share on twitter
Share on linkedin
Share on facebook

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


  • 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.

Recent Blog

Transaction Management – FM players seeking foothold

Armed with global presence, scale and experience, these companies are often the logical choice for large multinationals seeking advice on real estate transactions. The decision to outsource is generally strategic in nature given that main business of such multinational is often not focused on real estate.

Read More »

P.S. Join 2000 of your peers. Subscribe to the Baachu FM Insider

Every Friday evening we'll send you a roundup of the best content and events from Baachu. Make sure you're ready for the week! Subscribe now.