Summary of Chancellor’s statement, 8th July 2020

 

Support for jobs

  • Job Retention Bonus – businesses will receive a £1,000 bonus for every furloughed employee who is still working at their company as of 31st January 2021
  • Kickstart Scheme – designed to help 16-24 year olds. Those aged 16-24, claiming Universal Credit and at risk of long-term unemployment, will be eligible. Funding available for each six-month job placement will cover 100% of the National Minimum Wage for 25 hours a week – and employers will be able to top this wage up.
  • Apprenticeships, skills and training
    • Businesses will be given £2,000 for each new apprentice they hire under the age of 25. This is in addition to the existing £1,000 payment the Government already provides for new 16-18-year-old apprentices and those aged under 25 with an Education, Health and Care Plan.
    • A £111 million investment to triple the scale of traineeships in 2020-21 ensuring more young people have access to high quality training.
    • £17 million of funding to triple the number of sector-based work academy placements in 2020-21
    • Nearly £900 million to double the number of work coaches to 27,000;
    • Over a quarter of a million more young people to benefit from an extra £32 million investment in the National Careers Service.

 

Infrastructure spending and decarbonisation

  • £8.8bn in spending on infrastructure, decarbonisation and maintenance projects
  • £3bn for green investment package
    • £2bn Green Homes Grant – homeowners and landlords in England can claim vouchers for green improvements e.g. loft, wall and floor insulation
    • £1bn for retrofitting public buildings
  • £5.8bn on shovel-ready construction projects
    • £1.5 billion for hospital maintenance and upgrades
    • £100 million for our local roads network
    • over £1 billion to start to rebuild schools in the worst condition in England, plus £760 million this year for key maintenance work on schools and FE colleges
    • £1 billion for local projects to boost local economic recovery in the places that need it most
    • £142 million for court maintenance to repair around 100 courts across England.

Support for hospitality and leisure

  • New discount scheme for restaurants, cafes and pubs – 50% off, up to £10, sit down meals throughout August
  • VAT cut for most tourism and hospitality-related activities, from 20% to 5%. This will run for six months, starting next Wednesday (15th)

 

Support for housing

  • Stamp Duty threshold raised from £125,000 to £500,000, running until 31st March 2021, effective immediately