Chancellor’s Summer Statement – 7 main initiatives

Return of furloughed employees

Employers retaining any employee who has been  furloughed until January 2021 will be paid a bonus of £1,000 per employee as long as each person is paid the lower earning limit of salary of £520 each month.

Kickstart scheme

The Kickstart programme is designed to create employment for those aged 16 to 24. Employers will be paid to create new jobs that have a minimum of 25 hours per week on at least minimum wage. The fund will subsidise six-month work placements for young people on universal credit who are at risk of long term unemployment.

Traineeships and Apprenticeships

Employers will be granted £1,000 to employ trainees and £2,000 per young apprentice plus £1,500 per apprenticeship aged 25 and over.

Stamp duty cuts

Stamp duty will be cut on house purchases in England and Northern Ireland up to £500,000 with immediate affect and will run until 31st March 2021.

VAT reduction for hospitality sector

VAT is to be cut from 20% to 5% for the hospitality and tourist sectors from 15 July until 12 January.

“Eat out to help out”

During the month of August everyone will be able to get 50% off food and soft drinks enjoyed during a meal out of up to £10 per head at every restaurant on Mondays to Wednesdays. Businesses will apply online to take part in the scheme and funds will be paid to those registered businesses within 5 working days.

Green Jobs

The Chancellor announced a green home grant to support a green-led recovery. From September homeowners will be able to apply for vouchers to make homes more energy efficient and to create local jobs. The government will cover two thirds of the cost of up to £5,000 per household and up to £10,000 for those on low incomes.