On Wednesday 8 July, the Chancellor announced a set of measures that focused almost wholly on the protection, support and creation of jobs in the wake of the COVID-19 pandemic.
With confirmation that the Coronavirus Job Retention Scheme will end in October this year, he also outlined a number of tax cuts, grants and government funded vouchers aimed at supporting businesses in returning and retaining their workforces as the UK enters the second phase of recovery.
The Chancellor announced a spending package to stimulate recovery for those sectors most in need.
The Chancellor set out the government’s plans to support, protect and create jobs with a Plan for Jobs including a Job Retention Bonus and one off payments for new apprenticeship roles.
Rishi Sunak has reduced the VAT rates to 5% on supplies to the leisure, hospitality and tourism industries.
The stamp duty threshold, the level at which home buyers start paying the tax, has been raised from £125,000 to £500,000 until April 2021.
What is the impact of Summer Economic Statement on different sectors and industries?
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