Second Stage of COVID-19 Economic Support

Chancellor Rishi Sunak unveiled yesterday a recovery economic budget yesterday, putting forward a “Plan for Jobs” worth up to £30bn, this was described as “second phase of covid19 economic support”.

Since March the government has spent £49bn on public services. Sunak has made a further £160bn in funding for job retention, income and business support. Sunk said “We will not be defined by this crisis, but by our response to it”.

Job Retention Bonus of £1000

Coronavirus Job Retention Scheme (CJRS) ends in October, instead it is been cushioned with a Job Retention Bonus of £1000 each furloughed to be kept until end of January 2021 and are paid a minimum of £520 a month, only employers can apply.

Kickstart Scheme of £2bn

This scheme will help subsidise six-month work placements for 16 to 24-year olds on universal credit for up to 25 hours per week. paying 100 percent of the National Minimum Wage, however employers can add on this wage.

£2000 Apprenticeships Funding

£1.6bn will be invested in employment support schemes, the apprenticeships funding will provide £2000 to employers for every under-25 apprentice they hire, in addition to the existing £1,000 payment available for certain apprentices.

VAT is Temporarily Slashed to Boost Leisure and Hospitality

Slashing VAT for tourism, hospitality and leisure industry from 20% to 5%, starting on July 15 until January 2021 this will benefit over 150,000 businesses and protect 2.4m jobs.

50% Discount on Meals to Eat Out

Introducing “Eat Out to Help Out” 50% discount on meals eaten out from Monday to Wednesday in a month of August, of a maximum discount £10 per head, businesses will need to register to claim their money back, the portal is due to open on Monday 13 July.

A Temporary Slash on Stamp Duty for Homebuyers

An immediate start of scrapping Stamp Duty on house purchases below £125,000 to £500K until 31 March 2021.

Green Jobs in Construction

Sunk has launched a £3bn green investment plan package, which will create around 140,000 jobs.

There will be £1bn allocated for the public buildings such as schools and hospitals.

Under the plan there will be a £2bn Green Homes Grant vouchers to insult homes up to £10k, to homeowners and landlords who make their homes more energy efficient.