Chancellor unveils recovery support in Summer Economic Statement
Chancellor, Rishi Sunak, has today unveiled a series of measures as part of the Government’s three phase recovery programme: Protection, Jobs, and Rebuild.
- Kickstart Scheme for 16 – 24 Year olds
- £1k bonus for employers who return furloughed workers
- 5% VAT on hospitality and tourism
- Eat Out to Help Out Voucher Scheme for August
Commenting on his lunchtime announcement, Nova Fairbank, Head of Policy, Norfolk Chambers of Commerce said:
“Norfolk businesses will welcome many of the measures outlined in the Chancellor’s Summer Economic Update. The Kickstart Scheme will help young people between the ages of 16 – 24 who at the greatest risk of long-term unemployment. The scheme will help firms create and support thousands of opportunities for young people, maintaining their access to the job market and driving the UK’s economic recovery.
“As the majority of Norfolk employers are facing vastly reduced business demand, the £1,000 bonus for employers per to return furloughed workers, whilst a nice incentive, may not make enough difference for them to financially be able to justify bringing back all of their furloughed workers.
“The sectors hardest hit in our region by the Coronavirus were the hospitality and tourism sectors. They will be pleased with the cut in VAT on food, accommodation and attractions to 5%. They will also be very interested to receive more information on the ‘Eat Out to Help Out’ Voucher scheme, which will run throughout August. Any business wanting to take part will need to register and a new website will be open for businesses to apply from next Monday.
“Including the investment of £1billion for the DWP to provide advice and support for those facing unemployment; the Green Homes Grants, which will help create additional green jobs; and the cut in Stamp Duty, Rishi Sunak has made a good start to helping the UK economy and the business communities to recover from the unprecedented financial shock of the Coronavirus. However all of these measures must form part of a wider plan to boost business confidence and protect livelihoods as we restart, rebuild and renew the UK economy.”