Summer Statement

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.

We will be in touch with those affected by the new measures with more details in due course.