As we continue in these strange and uncertain times, it certainly feels like ‘Groundhog Day’ for many of us still working from home. Holidays seem a distant memory, although I’m optimistic for a staycation, so I’ll be doing my bit for the UK economy.
Many of the measures announced by The Chancellor, Rishi Sunak, in the Summer Economic Statement are intended to get us doing just that – spending, either on the smaller items such as eating out, or to kick-start the housing market.
I’ve outlined some key points from the announcement, which can also be downloaded from the MHA Larking Gowen COVID-19 hub:
Key points include:
- Job Retention Bonus: A new job retention bonus for employers who bring back furloughed staff, payable in January 2021.
- A new Kickstart Scheme of £2 billion 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.
If you have any queries or would like more information, you can contact me on 01473 833411 or [email protected]
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