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.