The Chancellor’s Financial Statement – What does it mean for you?
Job Retention Bonus: To help firms keep on 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.
Kickstart Scheme: A new £2 billion scheme will also be launched to create hundreds of thousands of new, fully subsidised jobs for young people across the country. Those aged 16-24, claiming Universal Credit and at risk of long-term unemployment, will be eligible. Funding available for each six-month job placement will cover 100% of the National Minimum Wage for 25 hours a week – and employers will be able to top this wage up.
Employment and support schemes: A total of £1.6 billion will be invested in scaling up employment support schemes, training and apprenticeships to help people looking for a job.
Creating jobs: The plan will also create tens of thousands of jobs through bringing forward work on £8.8 billion of new infrastructure, decarbonisation and maintenance projects. In addition, £5.8 billion will be spent on shovel-ready construction projects to get Britain building.
Eat Out to Help Out: To encourage people to safely return to eating out at restaurants the Government’s new discount scheme will 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.
VAT: The rate of VAT applied on most tourism and hospitality-related activities will be cut from 20% to 5%.
Stamp Duty: A temporary increase to the Nil Rate Band of Residential SDLT (Stamp Duty) from £125,000 to £500,000 has been introduced until 31 March 2021.
We will share more detail with you once we can access it.
Full details of the announcement can be found here: https://bit.ly/CXPlanForJobs
Please stay safe and well and if you have any questions please don’t hesitate to ask.
The Hinckley BID Team
Steve Wegerif (BID Director)
steve@hinckleybid.co.uk
07709 394841
Toni Scott
toni@hinckleybid.co.uk
07821 123026
Martina Smullen
martina@hinckleybid.co.uk
07496 839304