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.