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The Chancellor, Rishi Sunak, announced a number of new measures in his Summer Economic Update, or mini budget, on the 8th July. A round up of some of the key points for businesses are included below, and you can read the full statement here.

  • 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.

  • Companies will be given £2,000 for each apprentice they take on under the age of 25.

  • The Government will fund six-month job placements for 18- to 24-year-olds. Each “kickstarter” job will cover 100% of the national minimum wage for 25 hours a week.

  • To encourage people to safely return to eating out at restaurants, the Government is launching a new ‘Eat Out to Help Out’ discount scheme to provide a 50% reduction for sit-down meals in cafes, restaurants and pubs across the UK from Monday to Wednesday every week throughout August 2020. The maximum discount per head on the scheme is £10 - read more details here.

  • The rate of VAT applied on most tourism and hospitality-related activities will also be cut from 20% to 5%, effective from Wednesday 15th July until January 2021. This will not apply to alcohol.