The Chancellor's Summer Statement

The Chancellor, Rishi Sunak, presented his Summer Statement yesterday, 8 July, in the House of Commons. 


Commentary


On first look, this appears to be another sign of the UK getting back to business, which is great. We have recently taken our first apprentice, so encouraging this part of the job market is being targeted in particular. Perhaps time for another!


We think the stamp duty holiday is equally interesting and is certain to increase activity and ultimately, liquidity in the overall economy. Again, another potentially smart move if the government can forego the short term stamp duty revenue.


Although, I don't personally think COVID-19 has been handled particularly well by the UK government I think we are always up there globally in business support and incentives such as these.


Mark Insley - BA, MSc (Int. Securities Investments & Banking), Cert PFS.

Managing Director, Consulo Wealth Solutions



Summary of Main Announcements


  • Plans include a new £2bn scheme to create thousands of job placements for young people

  • The chancellor announces a temporary change to stamp duty - immediately increasing the threshold to £500,000

  • Temporary cut to VAT on food, accommodation and attractions from 20% to 5% is announced

  • Chancellor announces new job retention bonus for employers who bring back furloughed staff

  • But Labour says the chancellor has "put off big decisions" and should have announced a "back to work Budget"

  • A £2bn "green homes grant" to help make homes more energy efficient is also unveiled


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