England

Key points as Sunak pledges £1k for each furloughed employee brought back to work

Chancellor Rishi Sunak has announced a "plan for jobs" to stimulate Britain's battered economy.

Here are the key points:

EATING OUT DISCOUNT

  • In August, everyone in the country will be given an "eat out to help out" discount – 50% off at participating restaurants, cafes and pubs. It applies for a maximum discount of £10 per head and can be used from Mondays to Wednesdays
  • Businesses can claim the money back, with funds in their bank account within five working days
  • The scheme, described as the first of its kind, is designed to help an industry employing 1.8 million people
Sunak explains 'Eat Out to Help Out' scheme

VAT CUT

  • VAT on food, accommodation and attractions will be cut for the next six months from 20% to 5% – a "£4bn catalyst" for the sector designed to protect 2.4 million jobs
  • The cut – from next Wednesday until 12 January – covers food from restaurants, cafes and pubs, accommodation in hotels, B&Bs and caravan sites, and attractions such as cinemas, theme parks and zoos
Undated handout photo issued by Greene King of a staff in PPE at their pub Fort St George in Cambridge which has been set up to re-open based on the two metre social distancing rule. Prime Minister Boris Johnson is due to set out plans to allow pubs, restaurants, museums and cinemas to begin reopening in the latest easing of the coronavirus lockdown in England.
Image: Pubs and restaurants will see VAT cut

STAMP DUTY HOLIDAY

Advertisement

  • The threshold for paying stamp duty will be raised temporarily from £125,000 to £500,000 until 31 March 2021, resulting in the average stamp duty bill falling by £4,500
  • The measure, designed to boost confidence in the housing market after a slump in transactions, is expected to mean nearly nine out of ten people buying a main home this year paying no duty at all
File photo dated 04/12/14 of a couple looking in the window of an estate agents.
Image: A stamp duty holiday is designed to boost the housing market

WORK

  • A jobs retention bonus will reward employers who bring back workers from furlough with £1,000 per employee – it will cost £9bn if all nine million of those temporarily laid off come back to work
  • Government's furlough scheme "cannot and should not go on for ever" and will wind down through to October
  • £1.2bn pledged to Department for Work and Pensions "to support millions of people back to work"
  • Firms will be paid £1,000 to take on trainees, with £100m pledged to fund places in high-dRead More – Source

Leave a Reply