Chancellor’s Summer Statement

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.

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