All the key points as the Chancellor sets out measures aimed at reviving the economy from its coronavirus slump.
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 WednesdaysBusinesses can claim the money back, with funds in their bank account within five working daysThe scheme, described as the first of its kind, is designed to help an industry employing 1.8 million people
- 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 jobsThe 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
STAMP DUTY HOLIDAY
- 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 £4,500The 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
- 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 workGovernment’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-demand sectors such as engineering, construction and social care£2bn made available for “Kickstart” scheme for young people – and no cap on the number of places availableKickstart scheme will pay employers to create new jobs for hundreds of thousands of 16-24 year olds at risk of long-term unemployment – a minimum of 25 hours per week paid at at least the national minimum wage
- Green measures totalling £3bn aim to make 650,000 homes more energy efficient, save households £300 a year on bills and support 140,000 jobs£1bn of funding to improve the energy efficiency of public sector buildingsA £2bn green homes grant will deliver vouchers to homeowners and landlords to make their homes more energy efficient