Covid-19: Stimulating the Economy

UK Chancellor Rishi Sunak delivered a summer statement to the House of Commons on Wednesday 8 July 2020, announcing a package of measures aimed at combating the economic damage caused by the Covid-19 pandemic.

Below is a brief overview of the announcements:

Plan to keep furloughed workers in their jobs when the scheme ends in October. If employers keep workers in their jobs until January 2021 they will get a £1,000 bonus per employee
£2bn "kickstart scheme" to create more jobs for young people. The fund will subsidise six-month work placements for people on Universal Credit aged between 16 and 24, who are at risk of long-term unemployment
Temporary stamp duty holiday, exempting the first £500,000 of all property sales from the tax until March 2021
Temporary cut in VAT on hospitality and tourism, to 5% from 20%, for the next six months
Diners will get a 50% discount off their restaurant bill during August. The 'Eat Out to Help Out' deal means people can get up to £10 off per head if they eat out between Monday and Wednesday
£3bn green package, with grants for homeowners and public buildings to improve energy efficiency
New payments for businesses hiring apprentices.

Stimulating the economy.

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