he chancellor confirmed that the Coronavirus Job Retention Scheme would be wound down by the end of October, this year.
Job retention bonus
A new policy to reward and incentivise employers bringing back furloughed employees: £1,000 for every furloughed employee being brought back and kept through to January 2021.
A kickstarter scheme
The government will pay employers for creating jobs for 16-24 year-olds who are on Universal Credit, with funding conditional on firms proving they are newly created jobs. The government will pay young people’s wages for six months, plus an amount to cover overheads. That means, for a 24-year-old, the grant will be worth around £6,500.
Financial incentives to create apprenticeships and traineeships
For the six month period from 1 August 2020 to 31 January 2021, the government will pay employers in England to create apprenticeships, up to £2,000 per apprentice aged under 25 and £1,500 for those aged 25 and over. Additionally, for the first time ever, the government will fund employers in England who provide trainees aged 16-24 with work experience, at a rate of £1,000 per trainee.
A £2-billion ‘Green Homes’ grant
From September, homeowners and landowners can apply for vouchers to help towards the cost of energy efficiency improvements, up to £5,000 per household. For low-income households, the vouchers will cover the full cost up to £10,000 per household.
Stamp duty to be cut from today (8/7/20)
The tax-free threshold has been increased to £500,000. Coming into force today, this will run until the 31st March 2021.
VAT cut for food, non-alcoholic drinks, accommodation and attractions
From 15 July 2020 to 12 January 2021, a 5% rate of VAT will apply to supplies of food and non-alcoholic drinks from restaurants, pubs, bars, cafés and similar premises across the UK.
A 5% rate of VAT will also apply to supplies of accommodation and admission to attractions across the UK.
‘Eat-out to help out’ discount
For the month of August, every UK citizen will be given an ‘eat out to help out’ discount. Offering customers a discount worth up to £10 per head, each time they eat at a qualifying restaurant from Monday to Wednesday every week in August.