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The Chancellor’s Summer Statement – 8 July 2020

Further economic stimulus was announced by the Chancellor, Rishi Sunak today, to the 2020 Budget and payment holiday measures.

Here is a 2 minute summary of the Chancellor, Rishi Sunak’s Summer Statement:

The job retention scheme

£1,000 payment to employers for bringing back furloughed employees from Nov 2020 to Jan 2021 paying a minimum of £520/month.

£1,000 payment to employers for bringing back furloughed employees from Nov 2020 to Jan 2021 paying a minimum of £520/month.

Kickstarter scheme

From next month employers who employ 16-24 year olds, the government will pay the wages up to 6 months. Up to a max of £6,500.

Trainees

The government will pay employers £1,000 per trainee they take on.

Apprentices

The government will pay employers who take on apprentices within the next 6 months £2,000 per apprentice
Plus a bonus of £1,500 if the apprentice is 25+ years of age.

Green homes grant

Homeowners will be able to apply for grants to make their homes more energy efficient. £5,000 per household.

Stamp Duty

Cut in stamp duty of 0% from homes under £500,000
For transactions up to 31 March 2021.

VAT

Cut in VAT for the hospitality sector:
– Food
– Accomodation
– Attractions
From 20% to 5% effective now until 12 January 2021.

Cut in VAT for the hospitality sector : From 20% to 5% effective now until 12 January 2021.

Eat out to help out scheme

For the month of August only.
For eating out between Monday to Wednesday food will be 50% off, up to a value of £10/ head rebate from the government.

Consumers, which includes adults and children. You will need to register through a website to make a claim and the government will refund you directly into your bank account.

For the month of August only.For eating out between Monday to Wednesday food will be 50% off, up to a value of £10/ head rebate from the government.

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