Updated 8 July 2020
Government Announces Plan for Jobs
The Chancellor Rishi Sunak today set out the government's ‘Plan for Jobs’ intended to "spur the UK’s recovery from the Coronavirus outbreak".
Job Retention Bonus
UK Employers will receive a one-off bonus of £1,000 for each furloughed employee who is still employed as of 31 January 2021. A new £2 billion Kickstart Scheme will also be launched to create fully subsidised jobs for young people across the country. Those aged 16-24, claiming Universal Credit and at risk of long-term unemployment, will be eligible. Funding will be available for each six-month job placement and will cover 100% of the National Minimum Wage for 25 hours a week – employers will be able to top this wage up.
Support for Hospitality & Tourism Businesses
To encourage people to safely return to eating out at restaurants the Government has announced a new Eat Out to Help Out discount scheme which will provide a 50% reduction for sit-down meals in cafes, restaurants and pubs across the UK from Monday to Wednesday every week throughout August 2020.
The rate of VAT applied on most tourism and hospitality-related activities will also be cut from 20% to 5%.
New Apprenticeship Grants
Businesses will be given £2,000 for each new apprentice they hire under the age of 25. This is in addition to the existing £1,000 payment the Government already provides for new 16-18-year-old apprentices and those aged under 25 with an Education, Health and Care Plan.
Help for the Housing Market
The Chancellot also announced the introduction of a temporary increase to the Nil Rate Band of Residential SDLT (Stamp Duty) from £125,000 to £500,000 until 31 March 2021.
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