Government Plans to Boost the Economy
Rishi Sunak has revealed a range of measures designed to save jobs and boost the economy following the impact of the coronavirus pandemic. The Chancellor’s ‘mini budget’ included the following:
- A Job Retention Bonus: the government will pay employers £1,000 per employee that they bring back from furlough, so long as they employ them until at least January.
- VAT cut from 20% to 5% on food, accommodation and attractions, taking effect from 15 July until 12 January 2021.
- The government will give people 50% off meals in participating restaurants on Monday-Wednesday in August, up to £10 per person.
- £1bn to the Department for Work and Pensions to help jobseekers, including increasing the number of coaches in job centres.
- Stamp duty has been scrapped on property sales up to £500,000 until 31 March 2021.
- £3bn green investment package, including £2bn in grants for landlords and homeowners to improve energy efficiency of homes, up to £5,000 per household. The rest will go towards work improving the energy efficiency of public buildings.
- £2bn ‘kickstart’ scheme designed to boost jobs for young adults. The government will subsidise the wages of six-month work placements for certain 16-24 year olds.
- The government is offering companies new payments for taking on trainees and apprentices.