Further Government Support Annouced

Rishi Sunak has this afternoon announced some further Coronavirus business support which we have summaries below:

  • For any business that retains an employee after they have been on furlough, the business will get a £1,000 grant per employee providing that they employ them until at least January 2021 and the employee earns over £520.00 per month.
  • The government will pay employers £1,000 to take on trainees.
  • The government will pay employers £2,000 each if they hire apprentices and £1,500 for apprentices over 25.
  • VAT on food, accommodation and attractions will be reduced from 20% to 5% from Wednesday 15th July 2020 until 12th January 2021.
  • The government will give everyone 50% off meals in participating restaurants during August. The discount will go up to £10 per head for adults and children, and apply Monday to Wednesday. Restaurants will be able to apply to participate in the scheme from Monday.

Other announcements include:

  • The stamp duty zero rate band has been extended from £125,000 to £500,000.
  • Homeowners and landlords will be able to apply for vouchers to make their homes more energy efficient and create local jobs, this will be up to £5,000 per household.

Please note that this is a summary of the support announced and there may be changes when full guidance released.