Yesterday the Chancellor Rishi Sunak announced in his Summer Statement a number of measures designed to help the UK economy as it emerges from the coronavirus lockdown.
The Statement comes ahead of the Autumn Budget and focusses on protecting young people, jobs and getting the economy moving again.
Some key highlights from his announcement include:
- Stamp duty threshold raised effectively immediately to £500,000 until March 2021
- £3bn green infrastructure budget
- Hospitality & Tourism VAT cut to 5 per cent until Jnauary
- Extra £30bn of public spending
- Changes to Job Retention Scheme with Employers to receive £1,000 for every Employee they retain after they were furloughed.
- £2bn Kickstart scheme to create subsidised jobs for young people
- Support to Job Centres with over 13,500 metors being recruited over the next few months.
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Whilst some of the measures have less relevance to employee benefits or personal financial planning priorities some may do depending on your sector or circumstances. If you would like to discuss any of the content and what implications this may have for you please do get in touch.