The Chancellor has today laid out plans to help the economy recover from coronavirus
Chloe Shakesby

Summer economic statement: Key points at a glance

The government has today (July 8) revealed its plans to help the country’s economy recover in its summer economic statement.

Chancellor of the Exchequer Rishi Sunak announced the Job Retention Scheme, explaining that companies who continue to employ workers after bringing them back from furlough will be eligible for a £1k bonus per employee.

He also announced a “kickstart scheme”, which will help to create jobs for 16 - 24 year olds at risk of long-term unemployment.

The key points of the statement included:

  • Job Retention Scheme: £1k bonus for employees who keep workers on after furlough until January.

  • Kickstart Scheme: £1k funding provided to companies that create jobs for 16 - 24 year olds.

  • Green Jobs Plan: £1bn funding to improve energy efficiency of public buildings, and £2bn funding for homeowners and landlords.

  • Stamp Duty holiday: Temporary holiday on stamp duty on the first £500k of property sold in England and Northern Ireland.

  • VAT cut: VAT will be cut from 20 per cent to 5 per cent for hospitality and tourism businesses for the next six months.

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