Rishi Sunak’s Mini Summer Budget 2020

July 9th, 2020

Job Retention Bonus

If you bring back someone who was furloughed - and continuously employ them through to January we'll pay you a Job Retention Bonus of £1,000 per person.

Salary must be a minimum of £520 per month (up to the national insurance minimum contribution level).

Kickstart Scheme

We’re launching a new programme to give hundreds of thousands of young people the best possible chance of getting on and getting a job. I’m making available an initial £2 billion and there will be no cap on the number of places available.

The Kickstart Scheme will directly pay employers to create new jobs for any 16-24 year old at risk of long-term unemployment. We will pay young people’s wages for six months, plus an amount to cover overheads. That means, for a 24-year-old, the grant will be around £6,500.

Traineeships

Traineeships are a proven scheme to get young people ready for work. We know they work, so for the first time ever we’ll pay employers £1,000 to take on trainees, with triple the number of places.

Traineeships consist of work experience placements, training (including English and Maths) and work preparation for 16-24-year-olds. They last from 6 weeks to 6 months depending on need and can lead to apprenticeships, further education and other employment.

Apprentices

For the next six months we’ll pay businesses to hire young apprentices, with a payment of £2,000. We’re also introducing a brand-new bonus to hire apprentices aged 25 and over, with a payment of £1,500.

Traineeships consist of work experience placements, training (including English and Maths) and work preparation for 16-24-year-olds. They last from 6 weeks to 6 months depending on need and can lead to apprenticeships, further education and other employment.

Stamp Duty

I have decided today to cut stamp duty. Right now, there is no stamp duty on transactions below £125,000 (or £300,000 for first-time buyers). I am increasing the threshold to £500,000.

Everyone buying a main home under £500,000 will pay no stamp duty at all. It takes effect today until March 31st 2021 and means 9/10 people of main home buyers will pay no SDLT at all.

VAT on Hospitality and Tourism reduced to 5%

We're reducing VAT to 5% for goods and services supplied by the tourism and hospitality sectors. This is a £4bn catalyst benefiting over 150,000 businesses, and consumers everywhere - all helping to protect 2.4 million jobs.

Eat out to help out

To support restaurants and the people who work in them we’re saying ‘Eat Out to Help Out’. So for the month of August we will give you a 50% reduction, up to £10 per head, on sit-down meals and non-alcoholic drinks Monday-Wednesday.

Tweets by Rishi Sunak https://twitter.com/RishiSunak

Full official document: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/898421/A_Plan_for_Jobs__Web_.pdf