COVID-19 Information Hub

Summer Economic Statement

As the economy continues to feel the impact of the coronavirus (COVID-19) pandemic, Chancellor Rishi Sunak used his Summer Economic Statement to support businesses and help individuals get back into work.

(Updated 09/07/2020)

Our summary of the Summer Economic Statement provides an overview of the key announcements arising from the Chancellor’s speech, which focussed on creating and protecting jobs.

Our summary provides information on the key announcements, including:

• The Job Retention Bonus, which will be introduced to help firms keep workers in employment following the end of the Coronavirus Job Retention Scheme.
• The launch of a £2 billion Kickstart Scheme aimed at creating jobs for young people as well as providing support for training and apprenticeships.
• A six-month reduction to the VAT rate for the hospitality and tourism sectors
• To support green investment and to create more jobs, homeowners and landlords will be able to apply for vouchers from September onwards to make their housing more energy efficient.
• The introduction of the innovative new Eat Out to Help Out scheme, which will provide a 50% reduction for sit-down meals in cafes, restaurants and pubs.
• 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.

Please contact us about how the Summer Economic Statement or you need advice on tax, financial planning or business accounting. Call 01344 875 000 or email info@kirkrice.co.uk.