A number of measures were announced by Chancellor Rishi Sunak today (8th July) in a bid to kick start the economy following the Covid-19 pandemic.
The measures include:
A temporary VAT cut on food, accommodation and attractions from 20% to 5% for a period of 6 months.
A temporary change to stamp duty – immediately increasing the threshold to £500,000 until the end of March next year.
“Eat out to help out” vouchers that will give diners up 50% off their meals out at participating restaurants during August, with certain conditions. The discount will go up to £10 per head for adults and children, and apply Monday to Wednesday.
A job retention bonus of £1000 per employee for employers who bring back workers from furlough and employed through to January.
A £2bn “green homes grant” to help make homes more energy efficient.
A “kick-start scheme” to get unemployed 16 to 24-year-old into work coupled with new payments for businesses hiring apprentices.
This article is for information only and reflects the author’s views at the time of writing, which are subject to change. This should not be regarded as a recommendation or solicitation to invest. If you are in any doubt about the suitability of an investment for your needs, you should seek professional advice.