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Summer Statement 2020
A summary of the key points
On Wednesday 8 July, Chancellor Rishi Sunak outlined his plan to help the UK recover from the economic shock of the coronavirus pandemic.
Below we summarise the measures announced to protect jobs, help younger workers and encourage spending in the worst-affected sectors.
£1,000 job retention bonus
- A one-off payment to employers of £1000 per employee
- To encourage businesses to retain furloughed staff for three months to January 2021
- Applies to workers earning over £520 per month
VAT cut to 5% for restaurants, hotels and attractions
- VAT cut from 20% to 5% for six months to 12 January 2021
- Applies to VAT on food and non-alcoholic drinks in restaurants, pubs and cafes, as well as hot takeaway food
- Affects accommodation in hotels and B&Bs plus admission to attractions such as theme parks and cinemas
Stamp duty threshold increase
- No stamp duty on residential property purchases up to £500,000 between 8 July and 31 March 2021
- Almost 9 out of 10 property transactions will be tax-free, saving buyers £1000s
Green homes grant
- Up to £5,000 per household for projects to make homes more energy efficient
- Matches owners' or landlords' spend (£2 for £1 for most homes)
- Up to £10,000 fully funded for low-income households
Eat Out to Help Out discount food scheme
- 50% discount off restaurant food and non-alcoholic drinks for every diner
- Up to £10 a head from Monday to Wednesday throughout August
- Restaurants, pubs, cafes etc. must apply to participate in the scheme
Initiatives to support young workers and the unemployed
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”Kickstart scheme” to fund six-month work placements for 16 to 24-year-olds on universal credit (covers national minimum wage for 25 hours per week, plus NI and pension contributions)
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£1,000 grant per trainee for employers who take on new trainees aged 16-24
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£2,000 grant for employers for every apprentice under 25 hired (£1,500 for over 25s)
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Almost £400 million in other funding for various schemes to help jobseekers
Infrastructure and environment
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£1 billion of grants to public sector bodies to improve energy efficiency
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£50m towards a social housing decarbonisation fund
These measures are additional to the £5.6 billion funding package for hospitals, school buildings, transport and housing announced by the Prime Minister on 30 June.
For advice on any of the changes that may affect you or your business, please get in touch with your usual RfM advisor.
You can find contact details for all our offices at the bottom of this email.
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