The Summer Economic Update

By July 8, 2020UK insight

The Chancellor, Rishi Sunak, delivered the ‘Summer Economic Update’ – a new ‘Plan for Jobs’ as the Government continues to grapple with the economic fallout of the COVID-19 pandemic.

In an economic stimulus package totalling some £30 billion, the Chancellor unveiled a range of measures intended to prevent mass unemployment.

Headline announcements included:

  • A new ‘Job Retention Bonus’ whereby firms will be paid £1,000 per employee they return to work when the furlough scheme draws to a close in October.
  • The reduction of VAT to 5% for the hospitality sector.
  • A temporary stamp duty cut.
  • A “kickstart” work placement scheme and apprenticeship bonus
  • A £2 billion green homes grant

Click the button below to read our summary of the key announcements, reaction and analysis of what may lie ahead.

The Summer Economic Update