Today the Chancellor delivered a summer statement in the Commons presenting a financial package to support young people, help the housing market and improve the country’s struggling hospitality sector.
Key points included:
- A job retention bonus, whereby businesses will be paid £1,000 for every eligible furloughed employee they bring back to work.
- A kickstart job creation scheme for young people, whereby the Government will pay the wages of new young employees for six months.
- A cut in stamp duty to reinvigorate the housing market. The threshold for stamp duty will increase from £125,000 to £500,000 and will take effect immediately, this will be temporary, and will only run until 31 March 2021.
- A cut in VAT from the current rate of 20% to 5% for the next six months on food, accommodation and attractions, effective from 15 July 2020 until 12 January 2021.
For more information on these changes, please call a member of our team or email [email protected]