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Summer Economic Update Highlights

On Wednesday 8th July 2020, Chancellor Rishi Sunak delivered the Summer Economic Update which sets out the government’s plan for supporting, creating and protecting jobs over the next few months. Download our Summer Economic Update summary to find out more.

The government outlined a plan with three key aims to address the ongoing challenges that the UK economy faces. The first is to support people to find jobs, the second is to encourage job creation and the third is to protect jobs, particularly in the hospitality and tourism sectors.

Supporting jobs

Measures announced to support jobs include:-

Job Retention Bonus
The Kickstart Scheme
High quality traineeships for 16-24 year olds
Payments for employers who hire new apprentices

Creating jobs

Two key measures announced to support job creation are:

A temporary reduction in the Stamp Duty Land Tax
Green Homes Grant

Protecting jobs

The hospitality and tourism sectors employ a large number of people in the UK and faces ongoing challenges as a result of the lockdown. Measures to help protect jobs include:-

Temporary VAT cuts for hospitality and tourism businesses
The "Eat Out to help Out" scheme to encourage people to return to eating out

Our update also provides the latest information on the Coronavirus Job Retention Scheme (CJRS) and the Self Employment Income Support Scheme (SEISS).

Download the Summer Economic Update Summary for the highlights

If you would discuss the Summer Economic Update and how it could affect you and your business, please get in touch with a member of the DRG Chartered Accountants team. We would be delighted to hear from you.

DISCLAIMER: This information is for guidance only, and professional advice should be obtained before acting on any information contained herein. We will not accept any responsibility for loss to any person as a result of action taken or refrained from in consequence of the contents of this publication.

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