Summer Economic Statement

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].

This article is designed for the information of readers. Whilst every effort is made to ensure accuracy, information contained in this article may not be comprehensive and recipients should not act upon it without seeking professional advice.

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