NTI COVID-19 FAQ

Government Plans To Boost The Economy

Posted on Jul 08, 2020. by NTI

Rishi Sunak has this afternoon been revealing a range of measures to save jobs and give the economy a boost as we move out of lockdown.

This was part of the Chancellor's mini-budget. The headlines are as follows:

> A Job Retention Bonus: the Government will pay employers £1,000 per employee that they bring back from furlough, so long as they employ them until at least January 2021

> VAT is being cut from 20% to 5% on food, accommodation and attractions from 15 July 2020 to January 2021

> Every household will receive a voucher for 50% off meals in participating restaurants in a "eat out to help out" scheme. This will be up to £10 per head on Monday to Wednesdays in August

> Stamp duty on property sales up to £500,000 has been removed until 31 March 2021

> £1 billion is being sent to the Department for Work and Pensions to help jobseekers, which will include increasing the number of coaches in job centres

> The Government will offer companies payments if they take on trainees and apprentices

> £2 billion to be invested in a "kickstart" scheme designed to boost jobs for young adults. This will see the Government subsidise the wages of six-month work placements for those between 16 and 24

> £2 billion in grants for landlords an homeowners to improve energy efficiency in homes, up to £5,000 per household.

> Further £1 billion going towards improving energy efficiency of public buildings

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