Budget 2020 summary: What has Rishi Sunak announced? From Stamp Duty holiday to VAT cuts

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RISHI SUNAK revealed his plans to kick start the economy in his mini-Budget, with a series of new measures due to be introduced. Here are the main points from the announcement.

From VAT cuts, to an “Eat Out to Help Out” scheme, Chancellor of the Exchequer Rishi Sunak announced a number of new measures to help save the British economy yesterday. In the economic update, Mr Sunak warned of “profound economic challenges” ahead, but said “no one would be left without hope”.

After announcing what he dubbed a “plan for jobs”, Mr Sunak told the Commons: “We will not be defined by this crisis, but by our response to it.

“It is an unambiguous choice to make this moment meaningful for our country in a way that transcends the frustration and loss of recent months.

“It is a plan to turn our national recovery into millions of stories of personal renewal.”

But what exactly did the Chancellor announce? Express.co.uk lists the key points from Wednesday’s announcement.

Jobs Retention Bonus

Mr Sunak said the furlough scheme’s end date will remain the same and follow the October deadline.

However, he announced it would be replaced with a new Jobs Retention Bonus.

Employers who bring back furloughed staff and continuously employ them through to January will be paid a £1,000 bonus per employee as long as they are paid at least £520 on average a month.

Mr Sunak told employers: “If you stand by your workers, we will stand by you.”

Apprenticeships

Employers will be paid £1,000 to take on trainees and up to £2,000 to hire young apprentices, the Chancellor revealed in the Commons.

In addition, a kickstart scheme will be introduced to help young people get work.

The scheme will be for those aged between 16 to 24 and are at risk of long-term unemployment.

Mr Sunak said employers will need to provide training and support to find a permanent job and in return the Government will pay the young people’s wages for six months.

VAT cut for hospitality industry

For the next six months, Mr Sunak announced a VAT cut on food, accommodation and attractions from 20 percent to 5 percent.

The plan will be in effect from July 15 to January 12.

Green Homes Grant

Mr Sunak revealed a £2 billion Green Homes Grant to help homeowners and landlords make their properties more energy efficient.

Eat Out to Help Out

Mr Sunak announced an Eat Out to Help Out discount to get customers back into restaurants, cafes and pubs.

The chancellor hailed a “creative” scheme to give everyone in the country a discount during August.

He said: ”Meals eaten at any participating business, Monday to Wednesday, will be 50 percent off, up to a maximum discount of £10 per head for everyone, including children.

Mr Sunak told MPs such a scheme “has never been tried in the UK before”.

Stamp Duty holiday

The Chancellor confirmed Stamp Duty was being abolished on transactions below £500,000.

The Stamp Duty holiday will be in effect until March 31, 2021 and has already began.

According to Mr Sunak, bills will fall by £4,500 on average and nearly nine out of 10 people buying a main home this year will pay none at all.

Jobs Retention Bonus

Apprenticeships

VAT cut for hospitality industry

Green Homes Grant

Eat Out to Help Out

Stamp Duty holiday

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