Summer ‘Mini’ Budget Headlines

Summer ‘Mini’ Budget Headlines

The Economy and Jobs 

  • A new ‘jobs retention bonus’ will reward and incentivise employers who bring furloughed staff back. 

Employer’s who bring back someone who was furloughed – and continuously employ them through to January – the government will pay £1,000 bonus per employee. 

To get the bonus, the employee must be paid at least £520 on average, in each month from November to the end of January.

  • ‘Kickstart scheme’ to help young people secure jobs.

The scheme will directly pay employers to create new jobs for any 16 to 24-year-old at risk of long-term unemployment.

Providing the job offers a minimum of 25 hours per week and pays at least the national minimum wage, taxpayers will pay young people’s wages for six months.     


Stamp Duty

  • The stamp duty threshold is immediately rising to £500,000 until 31 March 2021 


Hospitality Sector 

  • VAT on food, accommodation and attractions will be reduced from 20 per cent to 5 per cent from July 15 until 12 January.
  • 50% discount to encourage people to eat out on a Monday, Tuesday or Wednesday in August. Restaurants, pubs, bars and hotels as well as other attractions will be able to claim the money back within five days.