Spotlight On: Summer Economic Update 8 July 2020


The Coronavirus pandemic has been an unprecedented shock for the world with communities, businesses and national economies going from normal everyday life to full lockdown in a very short period.

The next stage of the Governments economic recovery plan has begun with Boris Johnsons “Build, build, build” speech and Chancellor, Rishi Sunak 'Plan For Jobs' introducing new incentives for employers to retain furlough workers, VAT cuts for the hospitality sector and £8.8 billion of extra funding for new infrastructure projects to name just a few of the new schemes outlined.

The key points from the Summer Economic Update include:

  • Jobs Retention Bonus: A new job retention bonus for employers who bring back furloughed staff, payable in January 2021.
  • A new Kickstart Scheme of £2bn 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.

Download our 8 key points from the summer economic update 2020 infographic

To help you navigate these unsure times we will be publishing a collection of special insights, webinars and commentary from our experts that will cover the key points from the economic update.

Watch our exclusive UK economy outlook webinar with Professor Joe Nellis, Global Economist from Cranfield University.  
 

Hear the latest views from our experts on topics such as VAT, infrastructure, the Green Homes Grant and many more

 

Visit this page regularly to see our latest economic outlook commentary or sign up to ‘Industry News, Legislation & Events’ through our online preference form.

You can also follow us on LinkedIn, Twitter or YouTube for our latest updates.

COVID-19 and the days ahead

Throughout the pandemic we have been providing key advice and updates for businesses and self-employed professionals and you can view our COVID-19 Advice Hub here

As Government support schemes are gradually withdrawn and businesses can start to fully assess the harm sustained by lockdown and what the ‘new normal’ will look like.

Now, is a crucial time to get key guidance to help your business adjust to this new future and take advantage of any tax and financial opportunities to help lead you back to brighter days.

Get in touch today to discuss how we can help your business coming out of lockdown and how to prepare for the market uncertainty ahead.