How Rishi Sunak Aims To Kickstart The UK’s Economy Post-Lockdown
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.
- 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.”
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