As the economy continues to feel the impact of the coronavirus (COVID-19) pandemic, Chancellor Rishi Sunak used his Summer Economic Update to support businesses and help individuals get back into work.
Our summary of the Summer Economic Update provides an overview of the key announcements arising from the Chancellor's speech, which focussed on creating and protecting jobs.
Mr Sunak announced a Job Retention Bonus, which will be introduced to help firms keep workers in employment following the end of the Coronavirus Job Retention Scheme. Additionally, the launch of a £2 billion Kickstart Scheme was announced, aimed at creating jobs for young people as well as providing support for training and apprenticeships.
The hospitality and tourism sectors will benefit from a six-month reduction to the VAT rate and the innovative new Eat Out to Help Out scheme, which will provide a 50% reduction for sit-down meals in cafes, restaurants and pubs.
The Chancellor also announced a temporary increase to the nil-rate band of residential Stamp Duty Land Tax (SDLT) from £125,000 to £500,000 until 31 March 2021.
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