Chancellor announces UK “mini-budget” – July 2020

by | Jul 8, 2020

Here is a quick summary of the key points mentioned by the Chancellor, Rishi Sunak in his statement today:

  • The government has spent £49bn so far to support the public sector during the pandemic
  • The furlough scheme will be wound down from October
  • Companies will receive a £1,000 bonus for each furloughed employee they bring back to work (certain criteria applies)
  • £2bn will be provided to help firms create jobs for young people at risk of long-term unemployment
  • The government will expand traineeships and increase spending on careers advice and jobseeker services
  • £2,000 will be provided to employers for each apprentice they hire between August and January
  • £2bn will be spent to provide grants for homes to make green home improvements
  • The stamp duty threshold will be raised to £500,000 from £125,000 immediately until March 31 next year
  • The rate of VAT for tourism and hospitality-related activities will be cut to 5% from 20% for six months
  • Each Monday to Wednesday in August, customers in restaurants, cafes and pubs can receive a 50% reduction on meals and non-alcoholic drinks up to £10 per head.  You must register for the scheme using an app which will be available from Monday 13 July.

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