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8 July 2020COVID-19
In a word the theme of Chancellor Rishi Sunak’s update was “jobs” with a range of further measures announced to insulate people and support businesses through the ongoing COVID-19 pandemic.
According to the Chancellor, more than two million jobs could be lost when the furlough scheme ends in October, and the country could be facing the worst recession since the Great Frost of 1709. In just two months this year, GDP dropped 25%.
The measures include new job creation schemes to help counteract rising unemployment.
There are new work placements with the government covering the minimum wage for young workers, and employers will be offered incentives to create more apprenticeships.
Tax announcements include an immediate temporary increase in the stamp duty threshold to £500,000 and a VAT cut to 5% for the hospitality sector.
For the month of August there will be a 50% reduction, up to £10 per head, on sit-down meals and non-alcoholic drinks Monday-Wednesday.
The Chancellor also unveiled a £3 billion green jobs package, including vouchers for people to insulate their homes.
The key announcements from the Budget are summarised below:
Further updates will follow as more details of these measures are released.