Rishi Sunak has presented his newly named ‘Plan for Jobs’ today; we still await further details, but following is a summary of the main policies announced today.
Employers and Employees
- Job retention bonus of £1,000 for employers for each furloughed employee remaining employed until January 2021. Employees must earn more than £520 per month to qualify.
- Kickstart scheme to fund workplaces and training for those aged 16 to 24.
- Payments of £2,000 to employers who hire apprentices under 25.
- Payments of £1,500 to employers who hire apprentices aged 25 and over.
Hospitality sector
- A 50% discount, worth up to £10 per head, for those eating out in participating establishments on Mondays, Tuesdays and Wednesdays during August. The discount can be used any number of times on eat-in-meals including non-alcoholic drinks.
- Reduction in VAT to 5% for food and non-alcoholic drinks from restaurants, pubs, cafes and similar establishments between 15 July 2020 and 12 January 2021.
- Reduction in VAT to 5% for accommodation and admission to various attractions across the UK from 15 July 2020 to 12 January 2021.
Other measures
- Stamp Duty Land Tax (England & Northern Ireland only) threshold increased from £125,000 to £500,000 from 8 July 2020 to 31 March 2021. See Stamp Duty Holiday for more details.
- Green Homes Grant of up to £5,000 or £10,000 per household for those making their homes more energy efficient. The grant pays £2 for every £1 spent by homeowners and landlords.
- Additional investments in schools, local infrastructure and roads.
More information will be published on my website and other social media as it becomes available in the coming days.
If you have any questions in the meantime please contact me.
