New job retention bonus at heart of Rishi Sunak’s £30bn spending spree July 8, 2020 UK chancellor Rishi Sunak today put a new “job retention bonus” programme to encourage companies to bring back furloughed workers at the centre of a £30bn package aimed at kickstarting the economy. In his summer statement, Sunak said employers who take back furloughed workers until the end of January will receive a £1,000 payment for [...]
Retail industry calls for VAT cut to be extended to struggling sector July 8, 2020 Retail industry experts have expressed shock and disappointment that the chancellor’s decision to cut VAT for hospitality firms did not extend to the struggling sector. Rishi Sunak today announced plans to slash VAT for hospitality and tourism businesses from 20 per cent to five per cent. The retail sector welcomed the support announced for employment [...]
More needs to be done to power green recovery, say industry leaders July 8, 2020 Rishi Sunak has confirmed a £3bn green plan to boost employment and upgrade the UK’s infrastructure, but industry leaders have warned more needs to be done to power the recovery. In the much-awaited summer statement, the Chancellor said he planned to tackle the economic challenges of the pandemic with a “historic investment in infrastructure”. Responding [...]
Rishi Sunak’s mini-Budget: Everything the chancellor announced July 8, 2020 Rishi Sunak has announced a wave of sweeping measures to kickstart the UK economy in his mini-Budget – here’s what they are. Announcing his Summer Statement in the Commons today, Sunak pledged to pause stamp duty, boost hiring, slash VAT, and introduce “eating out” vouchers for every person in the UK. “Despite the extraordinary support [...]
Stamp duty holiday: Industry reacts to property tax cut July 8, 2020 The UK property sector has reacted to the stamp duty holiday announced this afternoon, with many believing it will help to reinvigorate the market following months at a standstill during lockdown. Chancellor Rishi Sunak said this afternoon that the stamp duty threshold will increase from £125,000 to £500,000 until March next year to boost activity [...]
City reckons more ‘enormous’ stimulus to come from Rishi Sunak in autumn July 8, 2020 Chancellor Rishi Sunak today unveiled a package worth up to £30bn to boost the UK economy as the coronavirus lockdown is gradually eased, and promised it “will not be the last action”. At the centre of the stimulus is a “job retention bonus” worth up to £9bn that will pay companies to take back furloughed [...]
Hospitality sector welcomes ‘blaze of sunshine’ from chancellor’s VAT cut July 8, 2020 The hospitality sector has greeted chancellor Rishi Sunak’s announcements of a VAT cut for the hospitality sector and a new Eat Out to Help Out scheme as a “blaze of sunshine” after months of closure during the coronavirus pandemic. Speaking in the Commons today to announce his “mini budget”, Sunak vowed to cut the VAT [...]
Stamp duty holiday: Housebuilder and estate agent stocks jump July 8, 2020 Housebuilders and estate agent stocks jumped this afternoon after the chancellor announced a stamp duty holiday in a bid to get the UK property market moving. Chancellor Rishi Sunak announced that the stamp duty threshold would increase from £125,000 to £500,000 until March next year to boost activity after the coronavirus lockdown. He said it [...]
Date night discount: Government to split the bill on dining out in August July 8, 2020 The government has announced plans to cover half the bill for dining out in August to encourage consumers to support the hospitality sector after the coronavirus lockdown. Chancellor Rishi Sunak today announced the Eat Out to Help Out scheme, which will provide a 50 per cent discount for sit down meals in cafes, restaurants and [...]
Labour: Chancellor has ‘put off big decisions’ in summer statement July 8, 2020 Shadow chancellor Anneliese Dodds has accused Rishi Sunak of putting off many of the “big decisions” until the autumn. Responding to the Chancellor’s statement Dodds said” “Today should have been the day when our government chose to build a bridge on what has been done so far and what needs to be done… we should [...]