It was “Great to pop down to Wagamama after the statement yesterday.
They’ve already brought more than 2,000 staff back from furlough and will be one of the many restaurants to benefit from the VAT cut and ‘Eat Out to Help Out’ vouchers.” Chancellor Rishi Sunak said. Following his mini-budget in the House of Commons, he visited a Wagamama restaurant near the Royal Festival Hall and served lunch to customers.
In his mini-budget, Chancellor Rishi Sunakhas has set out ‘Plans for economy’ that will spur the UK’s recovery from the Coronavirus outbreak.
Delivering his Summer Economic Update in Parliament, the Chancellor announced a package of measures to support jobs in every part of the country, give businesses the confidence to retain and hire, and provide people with the tools they need to get better jobs.
His plans include creating jobs, prop up the housing market and incentives to get people to come out and spend their money.
The plan for jobs is to secure the UK’s economic recovery from coronavirus.
The Chancellor’s plan is designed to support jobs by focussing on skills and young people, create jobs with investment in shovel-ready projects and greening our infrastructure, and protect jobs through a VAT cut for the hospitality sector and a landmark Eat Out to Help Out discount scheme for diners.
Job Retention Bonus
As part of the plan to support jobs, a Job Retention Bonus will be introduced to help firms keep furloughed workers. UK Employers will receive a one-off bonus of £1,000 for each furloughed employee who is still employed as of 31 January 2021.
A total of £1.6 billion will be invested in scaling up employment support schemes, training and apprenticeships to help people looking for a job. Young people, who are amongst the worst hit by the crisis, will benefit from this.
Stimulus for Housing Market / Property
Rishi Sunak unveiled a £30bn stimulus package to get the UK economy moving after the coronavirus crisis. One of the key measures was to increase the threshold for stamp duty will increase from £125,000 to £500,000.
The cut will be temporary, running until March 1, 2021, and will take effect immediately.
The Chancellor announced that homeowners across the UK will receive thousands of pounds in vouchers to make green home improvements. The Green Homes Grant will see the government pay at least two-thirds of the cost of energy-saving home improvements, such as new biker, insulation etc, to the tune of up to £5,000 per household. The government will pay the full cost for the poorest households, which could receive up to £10,000. The scheme is due to launch in September, and you’ll have to apply for the vouchers online.
‘Eat Out to Help Out’
Perhaps the most interesting announcement was that the government will introduce what it is calling the ‘Eat Out to Help Out’ scheme. This is essentially a discount for anyone eating in pubs, cafés or restaurants. The scheme will only run for the month of August. Each person will receive up to 50% discount on food and non-alcoholic drinks with the discount capped at £10 Vouchers, valid Monday-Wednesday. The vouchers are incentives for people to go back to restaurants and cafés if they’re worried about venturing out after months of staying at home.