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In a statement today Chancellor Rishi Sunak has revealed several steps that the Government are taking to secure the UK economy over the coming months. The plan aims to kickstart the economy, whilst also focusing on protecting the jobs of the millions who still find themselves furloughed. 

Below is an overview of the main talking points from the Chancellor’s speech:

“¢ Aim of statement is for government to do all they can to prevent job losses due to Covid-19.

“¢ Jobs Retention Bonus – employers who bring back an employee who was furloughed and continue to employ them to January will receive a £1,000 bonus.
The employee must be paid at least £520 each month to January.

“¢ VAT will be reduced on food, accommodation and attractions from 20% to 5% from 15th July 2020 to 12th January 2021.

“¢ Temporary stamp duty holiday on the first £500,000 on property sales in England and Northern Ireland until 31st March 2021.

“¢ Kickstarter scheme – This will pay employers to create new jobs for 16-24 year-olds. The jobs must be minimum 25 hours per week and they must be paid at least the National Minimum Wage. Further incentives to take on trainees and apprentices

“¢ Homeowners and landlords able to apply for vouchers to make homes more energy efficient. Grants to cover at least two thirds of the cost, up to £5,000 per household.

“¢ 50% off meals in participating restaurants during August on Monday to Wednesday. Discount up to £10 per head for adults and children. Aim is assist the hospitality sector.

 As the number 1 rated contractor accountants on Trustpilot, the team here at Gorilla Accounting are always keen to keep our finger on the pulse of the very latest news coming from the Chancellor. Be sure to regularly check in on our blog for more updates from the government over the coming months.