Summary of the Chancellor's summer statement 2020 in 6 measures
The Chancellor today set out the next steps in the UK Government’s strategy to secure the country's economic recovery from coronavirus. Below are the key measures:
UK Employers will receive a one-off bonus of £1,000 for each furloughed employee who is still employed as of 31 January 2021.
Kickstart Job Creation Scheme
The scheme, aimed at young people aged 16-24, will cover the cost of 25 hours' work a week at the National Minimum Wage (£4.55 for under 18s, £6.45 for 18 to 20-year-olds, and £8.20 for 21 to 24-year-olds). Employers can top up wages if they wish to.
Employers must prove that they have created new jobs in addition to existing roles and also meet other criteria to be eligible for the scheme.
Employers will receive a £1,000 bonus for each individual aged between 16 and 24 and claiming universal credit, whom they offer work placement of 60-90 hours.
Discount on eating out
Discount offering 50% off, up to £10 per head, on meals out on certain days of the week (from Mondays to Wednesdays) during August at participating restaurants.
VAT on tourism and hospitality from 20% to 5% until January 2021 to boost these struggling sectors.
Stamp Duty Land Tax (SDLT)
The threshold for SDLT will be raised from £125,000 to £500,000 until 31 March 2021.