Key points below from the Summer Economic Update by Chancellor of the Exchequer Rishi Sunak

Key points below from the Summer Economic Update by Chancellor of the Exchequer Rishi Sunak, including a very welcome VAT rate cut in the hospitality and tourism sector:
– New £1,000 job retention bonus per employee for Employers who bring back furloughed staff until at least January 2021 (payable for each employee earning at least £520 a month on average).
– Plan for jobs announced to create thousands of jobs for young people under the new Kickstart scheme which will pay Employers to create new jobs for any 16 to 24-year-olds. Wages for qualifying new jobs will be paid for 6 months and could be grants of up to £6,500.
– Employers will be paid £1,000 to take on new trainees or £2,000 to take on new apprentices (£1,500 if the apprentice is over 25).
– Stamp Duty threshold immediately increased to £500,000 until 31st March 2021 to kick start the housing sector.
– VAT rate cut from 20% to 5% in the hospitality and tourism sectors (food, accommodation, and attractions) for 6 months from 15th July 2020 to 12th January 2021. Great news!
– Green homes grant to help make homes more energy-efficient. The grant will cover at least two-thirds of the cost, up to £5,000 per household or the full cost up to £10,000 for low-income households.
– 50% meal discount up to £10 per head in participating restaurants during August on Mondays to Wednesdays.
So all in all some great measures to help kick start the economy (although mid-month VAT changes may cause us a headache!!)