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Key points as Sunak pledges £1k for each furloughed employee brought back to work

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Chancellor Rishi Sunak has announced a “plan for jobs” to stimulate Britain’s battered economy.

Here are the key points:

EATING OUT DISCOUNT

  • In August, everyone in the country will be given an “eat out to help out” discount – 50% off at participating restaurants, cafes and pubs. It applies for a maximum discount of £10 per head and can be used from Mondays to Wednesdays
  • Businesses can claim the money back, with funds in their bank account within five working days
  • The scheme, described as the first of its kind, is designed to help an industry employing 1.8 million people







Sunak explains ‘Eat Out to Help Out’ scheme

VAT CUT

  • VAT on food, accommodation and attractions will be cut for the next six months from 20% to 5% – a “£4bn catalyst” for the sector designed to protect 2.4 million jobs
  • The cut – from next Wednesday until 12 January – covers food from restaurants, cafes and pubs, accommodation in hotels, B&Bs and caravan sites, and attractions such as cinemas, theme parks and zoos
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Pubs and restaurants will see VAT cut

STAMP DUTY HOLIDAY

  • The threshold for paying stamp duty will be raised temporarily from £125,000 to £500,000 until 31 March 2021, resulting in the average stamp duty bill falling by £4,500
  • The measure, designed to boost confidence in the housing market after a slump in transactions, is expected to mean nearly nine out of ten people buying a main home this year paying no duty at all
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A stamp duty holiday is designed to boost the housing market

WORK

  • A jobs retention bonus will reward employers who bring back workers from furlough with £1,000 per employee – it will cost £9bn if all nine million of those temporarily laid off come back to work
  • Government’s furlough scheme “cannot and should not go on for ever” and will wind down through to October
  • £1.2bn pledged to Department for Work and Pensions “to support millions of people back to work”
  • Firms will be paid £1,000 to take on trainees, with £100m pledged to fund places in high-demand sectors such as engineering, construction and social care
  • £2bn made available for “Kickstart” scheme for young people – and no cap on the number of places available
  • Kickstart scheme will pay employers to create new jobs for hundreds of thousands of 16-24 year olds at risk of long-term unemployment – a minimum of 25 hours per week paid at at least the national minimum wage







Chancellor unveils £1k ‘job retention bonus’

GREEN MEASURES

  • Green measures totalling £3bn aim to make 650,000 homes more energy efficient, save households £300 a year on bills and support 140,000 jobs
  • £1bn of funding to improve the energy efficiency of public sector buildings
  • A £2bn green homes grant will deliver vouchers to homeowners and landlords to make their homes more energy efficient

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