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How Rishi Sunak Aims To Kickstart The UK’s Economy Post-Lockdown
July 2020

In his summer economic update to the House of Commons, delivered today, Rishi Sunak warned the UK is facing “profound economic challenges” as a result of the coronavirus crisis.

But he promised to turn the national recovery “into millions of stories of personal renewal” as he announced a package of measures to MPs worth over £30b.

These include:

  • a £1,000 bonus for each worker that companies bring back from furlough and employ through to January next year;
  • a “kickstart scheme” to directly pay firms to create jobs for 16 to 24-year-olds;
  • cash for businesses to take on trainees and apprentices;
  • an eight-month temporary cut in stamp duty, with no charge on property transactions below £500,000;
  • a cut in VAT on food, accommodation and attractions from 20% to 5% until 12 January;
  • an “Eat Out to Help Out” discount of up to £10 per head to get Britons back to restaurants, cafes and pubs.

Sunak powerfully quoted “We will not be defined by this crisis, but by our response to it.”

For all legal advice regarding any of these measures, including employment law and property please contact us on law@jolliffes.com.

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