Sunak slashes VAT on hospitality and tourism to five per cent July 8, 2020 Chancellor Rishi Sunak has slashed VAT on hospitality and tourism from 20 per cent to 5 per cent for six months, as the government seeks to revive the UK economy after months of lockdown. In an unprecedented announcement in the Commons today, Sunak vowed to cut the VAT rate from next Wednesday until 12 January [...]
Rishi Sunak announces there will be ‘no cap’ on Kickstart scheme for under 25s July 8, 2020 Chancellor Rishi Sunak has announced there will be no cap on the Kickstart scheme, which will see the government subsidise jobs for young people on Universal Credit. The Chancellor announced the “kickstart scheme” to help under 25s during the pandemic. An initial £2bn has been made available and there will be no cap on the [...]
Stamp duty holiday: Chancellor confirms immediate property tax changes July 8, 2020 The chancellor has confirmed an immediate stamp duty holiday in a bid to reinvigorate the housing market after the coronavirus lockdown. Speaking in the House of Commons this afternoon, Rishi Sunak said the threshold for paying stamp duty will be raised from £125,000 to £500,000. The chancellor said the stamp duty holiday, which will run [...]
Stamp duty holiday: Top London areas for potential property tax savings July 8, 2020 Chancellor Rishi Sunak is today expected to announce a stamp duty holiday in a bid to reinvigorate the UK housing market following the coronavirus lockdown. The announcement is expected to raise the stamp duty threshold from £125,000 to £500,000, according to reports. Experts have said that buyers searching for properties in more expensive areas could [...]
Stamp duty holiday ‘could be implemented immediately’ July 8, 2020 The chancellor is expected to announce this afternoon that a stamp duty holiday will come into force immediately, rather than delaying the change until autumn. Rishi Sunak is expected to raise the threshold for paying stamp duty from £125,000 to £500,000 as he outlines measures to help the UK economy recover from the coronavirus crisis. [...]
Rishi Sunak’s summer statement: What can we expect? July 8, 2020 Chancellor Rishi Sunak will today give a “summer statement”, a sort of mini-Budget in which he will announce schemes to support the economy as it recovers from its coronavirus-induced collapse. Last week, Prime Minister Boris Johnson announced £5bn of infrastructure spending. He invoked US President Franklin Roosevelt’s 1930s New Deal, saying the UK will “build, [...]
The idea that it is somehow grubby to care about the economy in the face of a global pandemic is nonsense July 8, 2020 Today, chancellor Rishi Sunak will make an announcement to the House of Commons about the shape of the government’s coronavirus support over the coming months. Sunak faces a tough choice as the country starts to open up while trying to keep infection rates as low as possible. There is no easy way out of the [...]
Small businesses are counting on Rishi Sunak for a jobs-first approach to recovery July 8, 2020 A cut to stamp duty? A drop in VAT? A cash incentive to take on apprentices? While we have seen glimpses of what today’s economic update from Rishi Sunak will hold — notably an ambitious support package for the arts sector and funding for traineeships — a great deal remains unknown. One thing we do [...]
Labour calls for no tax rises to pay for coronavirus spending July 8, 2020 Labour shadow chancellor Anneliese Dodds will urge the government to commit to not raising taxes tomorrow in her response to Rishi Sunak’s economic statement. Dodds is expected to respond to the chancellor’s mini budget by saying that Labour is “not calling for tax rises – we are calling for growth”. The shadow chancellor is expected [...]
Rishi Sunak reveals £2bn unemployment scheme to create hundreds of thousands of jobs July 7, 2020 The government will subsidise hundreds of thousands of new jobs for unemployed young Britons as a part of a new £2bn coronavirus support package. Chancellor Rishi Sunak will announce the launch of the Kickstart Scheme in his summer economic statement tomorrow, which will see the government subsidise jobs for 16 to 24-year-olds receiving Universal Credit [...]