Chancellor's measures to boost jobs and economy
Thursday, July 9, 2020
Chancellor's Measures to Boost Jobs and Economy
- A phased end to the Job Retention Scheme in October, as the longer workers remained on furlough, the harder it would be to return to employment.
- A new Job Retention Bonus scheme, which will reward businesses with £1,000 for each employee that is hired back through to January and is paid at least £520 per month.
- The Kickstart Scheme, which will directly pay employers to create jobs for any 16 to 24-year-old at risk of long-term unemployment. The jobs must pay at least the National Living Wage and provide 25 hours a week of work. Employers will also need to provide training and support to help the worker find a permanent job. There will be no cap on the number of places available for the £2bn scheme.
- Employers will be paid £1,000 to take on trainees, and will also be paid to create new apprenticeships over the next six months. Businesses will be paid £2,000 to hire young apprentices, while a new bonus will be created to reward businesses for hiring apprentices over the age of 25.
- £17m will be provided to triple the number of sector-based work academy placements in 2020-21.
- The number of work coaches will be doubled to 27,000, while £32m will be provided for the National Careers Service.
- £1bn will be given to the DWP to support workers getting back to work.
- A £2bn Green Homes Grant will begin in September, which will allow home owners and landlords to apply for vouchers of up to £5,000 to make their homes more energy efficient. Low-income households will be eligible for vouchers of up to £10,000.
- £1bn will be invested in the Public Sector Decarbonisation scheme, which aims to half greenhouse gas emissions from the public sector by 2032.
- A Social Housing Decarbonisation Fund will be established to help social landlords improve the least energy-efficient social rented homes.
- Stamp Duty will be cut for all transactions below £500,000 from today until 31 March 2021.
- VAT in the hospitality and tourism sectors on food, accommodation and attractions will be cut from 20% to 5%.
- In the month of August, an ‘Eat Out to Help Out’ discount will be available in all participating businesses between Monday and Wednesday, which will provide a 50% discount, up to a maximum of £10 per head, including children, and will allow businesses to claim the money back within five working days.
Further information can be found on the UK Government link below:
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