Economic Update 2020

Following Rishi Sunak’s Summer Statement on Wednesday, we have produced a summary of the main announcements in a downloadable Economic Update.

The headline measures announced continue the theme of recent months and are focused on a “plan for jobs”. That includes grants for employers who continue to employ staff brought back from furlough, for those who create new jobs for young jobseekers aged 16-24 and for those who take on apprentices.

There were also measures designed to stimulate the housing market. First, a green homes grant will provide a minimum of £2 for every £1 property owners, including landlords, spend on making residential properties more energy efficient,up to £5,000 per household. Lower income households will be able to claim up to £10,000 under the same scheme, fully funded. Secondly, a stamp duty land tax holiday, raising the tax-free threshold to £500,000.

On VAT, a targeted cut was announced for food, non-alcoholic drinks, accommodation and attractions, temporarily reducing the rate to 5%. Not quite the across-the-board cut some had hoped for, but welcomed by the especially hard-hit hospitality and tourism sectors. Finally, with much flourish, Sunak announced that the Government will underwrite dining-out discounts in August, with up to 50% off bills from Monday to Wednesday, up to £10 per head.

Read our special bulletin for the latest on all of these topics by clicking ‘Download here’ below.

Download here

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