Summer Economic Update 2020
Thursday, 09 July 2020
Chancellor Rishi Sunak gave his summer economic update to the house of commons yesterday. He shared his plans to boost the struggling UK economy. We outline eight key points from the announcement, visit our hub to download the full list.
The key points from the Summer Economic Update include:
- Jobs Retention Bonus: A new job retention bonus for employers who bring back furloughed staff, payable in January 2021.
- A new Kickstart Scheme of £2bn introduced to create thousands of permanent job placements for young people.
- Temporary cut to VAT from 20% to 5% until January 2021, applicable to the hospitality, tourism and accommodation services, and covering food (but not alcoholic drinks), accommodation and attractions.
- A temporary change to Stamp Duty - immediately increasing the threshold to £500,000, saving up to £15,000.
- Green Homes Grant: From September, homeowners and landlords will be able to apply for a green homes grant of up to £5,000.