Summer Statement

July 8, 2020

Rishi Sunak made his economic statement at lunchtime today, here are the highlights of what was announced affecting small businesses:

Furloughed scheme confirmed to end as planned at the end of October .
New job retention bonus to companies of £1,000 per furloughed employee (above the LEL) who return to work and stay in their jobs til January.
Kickstart scheme for new jobs to 16-24 year old, first 6 months wages to be paid by government. Open next month.“The Kickstart Scheme will directly pay employers to create new jobs for any 16 to 24-year-old at risk of long-term unemployment. These will be decent jobs – with a minimum of 25 hours per week paid at least the National Minimum Wage. I urge every employer big or small to hire as many kickstarters as possible.”
Apprenticeship cash – Government will give companies £2,000 each to encourage them to hire apprentices. Also £1,500 for apprentices over 25.
Green homes grant – vouchers to make homes more energy efficient, up to £5,000 per household, up to two thirds of the cost covered.
Stamp duty cut – threshold increased to £500,000 up to 31 March 2021, effective immediately.
VAT cut on hospitality and tourism (food, accommodation and attractions) – from next Wednesday lasting 6 months cut from 20% to 5%.
50% meals discounts – 50% off meals in participating restaurants during August. The discount will go up to £10 per head for adults and children, and apply Monday to Wednesday. The scheme will help people “Eat Out to Help Out” the hospitality sector.