Chancellor Rishi Sunak gets to his ‘summer economic statement’ to MP’s this afternoon.
Sunak says the government will do “all we can” to help prevent job losses in the wake of Covid-19.
“No one will be left without hope,” he pledges.
The government will “do what is right” and will be “unencumbered by dogma,” he tells MPs.
“Where problems emerge, we will confront them. Where support is justified, we will provide it. Where challenges arise, we will overcome them” he says.
What has he announced?
- A new Jobs Retention Bonus; An employer who brings some back who was furloughed and continues to employ them to January will be given a £1000 bonus by government.
“The employee must be paid £520 months each month through to January,” he said.
- Kickstart Scheme; “The Kickstart Scheme will directly pay employers to create new jobs for any 16 to 24-year-old at risk of long-term unemployment,” he says.
“These will be decent jobs – with a minimum of 25 hours per week paid at least the National Minimum Wage.”
- £2,000 for Apprenticeship and £1,000 to take on Trainees; Companies will get £2,000 each to encourage them to hire apprentices and employers will be given £1,000 to take on trainees.
He also says the government will provide £100m to create places on Level 2 and 3 courses and firms will also give £1,500 to over apprentices over 25.
- ‘£3bn Green Jobs Plan’; A £2bn Green Homes Grant under which “homeowners and landlords will be able to apply for vouchers to make their homes more energy-efficient and create local jobs”.
“The grants will cover at least two-thirds of the cost, up to £5,000 per household,” he says.
- Stamp Duty and VAT Cut;a temporary holiday on stamp duty on the first £500,000 of all property sales in England and Northern Ireland, to run until 31 March next year.
A VAT cut from 20% to 5% for the hospitality and tourism sectors from 15 July until 12 January. the cut will apply on food, accommodation and attractions.
- 50% Meals Discounts; Everyone will get 50% off meals in participating restaurants during August.
He says the discount will go up to £10 per head for adults and children and apply Monday to Wednesday.