Everything Rishi Sunak just announced in his summer statement explained
Chancellor of the Exchequer Rishi Sunak delivered his ‘Plan for Jobs’ to Parliament this afternoon and the hospitality sector could be set to reap significant benefits.
The Chancellor’s #PlanForJobs is hoping to spur the UK’s economic recovery from the coronavirus pandemic.
Delivering his Summer Economic Update in Parliament today, Rishi Sunak announced a package of measures that will look to “support jobs in every part of the country”, give businesses “the confidence to retain and hire”, and “provide people with the tools they need to get better jobs”.
The hospitality sector is looking to hugely benefit from the newly announced ‘Eat Out to Help Out’ scheme in August.
A brief overview of measures announced this afternoon include:
- A ‘Jobs Retention Bonus’ – Giving £1,000 to businesses who bring back employees from furlough.
- A Temporary VAT Cut for Hospitality and Tourism – This is down from 20% to 5%.
- An “Eat Out to Help Out” Scheme in August – Giving a 50% discount up to £10 per head to people eating at cafes, restaurants and pubs.
- A rise in the threshold of stamp duty from £125,000 to £500,000.
- A “Kickstart Scheme” – Aimed at getting unemployed 16 to 24-year-olds into work.
- New payments for businesses hiring apprentices.
Speaking on the Plan For Jobs package today, Rishi Sunak said: “Throughout this crisis I have never been the prisoner of ideology. For me, this has never just been a question of economics, but of values.”
“We believe in the nobility of work.”
“We believe in the inspiring power of opportunity [and] we believe in the British people’s fortitude and endurance.”
“Our plan has a clear goal: to protect, support and create jobs.”
“It will give businesses the confidence to retain and hire, to create jobs in every part of our country, to give young people a better start [and] to give people everywhere the opportunity of a fresh start”.
You can read the #PlanForJobs in full here.
For more information, please visit official gov.uk sources via the HM Treasury website.