Economic Summer Report

Sep 29, 2020

Changes to Stamp Duty – Green Recovery Incentive - £2 Billion jobs package for young people - Cut in the rate of VAT
Please see the summary of New Measures below:

  • Housing – Stamp Duty Cut from immediate effect, this is a temporary cut until 31st March 2021. Currently, there is no Stamp Duty on transactions below £125,000, the threshold will now be extended up to £500,000. The average stamp duty bill will fall by £4500 as a result of this.
  • Green Recovery incentive to conserve our environment and create new jobs – £2 Billion Green Homes Grant. From September this year, Landlords and Homeowners can apply for vouchers to make their homes more energy-efficient, grants will cover at least two-thirds of the costs up to £5000 per household. For lower-income households, they will be given grants of the full cost up to a total of £10,000
  • New Jobs Retention Bonus for Employers - £1000 for each employer who keeps their employee on until January 2021
  • Kick Start Scheme will pay employers who employ young people aged 16 – 24, will directly pay employers to give new jobs to people with a minimum of 25 hours per week, wages will be paid for six months
    Traineeships, employers will be paid £1000 per employee
    Employers increase payment to take on apprenticeships - £2000 each for young adults 16 – 24 and for £1500 for age 25 and over
  • Millions of people are moving on to Universal Credit – proposed doubling the number of work coaches in job centers, an extra 1 billion pounds to be invested in DWP to support people back to work, increasing the flexible support fund, extending the rapid response service, expanding the work and health program, new schemes to support the long term unemployed
  • Support job creation within the Green Industry, investment in infrastructure – accelerate job projects and creating new employment- £1 Billion to improve the energy efficiency of public buildings
  • VAT cut on food, accommodation and attractions – restaurants, cafes and pubs - eat in or takeaway, hotels, B&B’s and caravan and campsites, cinemas, theme parks and zoos – the VAT will be cut from 20% to 5% from Wednesday 15th July 2020 until 12th January 2021. £4 Billion pound catalyst for the hospitality and leisure industry.
  • Restaurant, Cafes and Pubs – for the month of August a £10 given to every person in the country a Eat Out to Help Out, meals eaten at participating outlets from Monday – Wednesday, 50% off will be given up to £10 per head including children. The website for businesses to register is open from Monday 13th July.
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