08 Jul Coronavirus Financial Assistance – 08.07.2020
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New ‘Plan for Jobs’ Announcement made by the Chancellor
Chancellor of the Exchequer Rishi Sunak has made a statement today setting out a new ‘Plan for Jobs’ designed to help the UK recover from the Covid-19 pandemic.
The key points from this announcement are:
- Job Retention Bonus introduced: employers will received a one-off £1,000 bonus for each furloughed employee who is still employed as of 31 January 2021
- Kickstart Scheme launched: funding introduced to subsidise jobs for young people at risk of long-term unemployment. Funding will cover 100% of the National Minimum Wage for 25 hours a week (wages can be topped up by employers)
- £1.6 billion to be invested in employment support schemes, training and apprenticeships, including a £2,000 bonus for businesses for each new apprentice they hire under the age of 25
- Encouraging demand for hospitality and tourism sectors: VAT will be cut from 20% to 5% for most tourism and hospitality-related activities and new Eat Out to Help Out scheme will provide 50% discount for sit-down meals in cafes, restaurants and pubs each Monday – Wednesday this August
You can read more about the announcement here: https://www.gov.uk/government/news/rishis-plan-for-jobs-will-help-britain-bounce-back
We will continue to provide updates as any further details about these new schemes are released.