Today the Chancellor announced the Plan for Jobs 2020 Update, a £30 billion set of policy measures intended to combat the economic effects of the coronavirus pandemic in the UK. A summary of these policies can be found below, with more information available on the Government website at
Eat Out to Help Out scheme
The Eat Out to Help Out (EOHO) scheme means that everyone is eligible for a 50% discount on meals and non-alcoholic drinks up to £10 per head, at participating venues every Monday – Wednesday throughout August.
This scheme will support over 129,000 businesses in the hospitality industry, as participating establishments will be reimbursed by the Government for the discount they pass onto customers.
Detailed guidance on the EOHO scheme, and registration details for venues, will be published shortly. Restaurants and outlets can register for the scheme from Monday 13 July.
Job Retention Bonus Scheme
A one-off £1,000 payment to employers for each furloughed employee who remains continuously employed until 31 January 2021.
Grants for businesses who provide stable, long term employment for 16-24 year olds at risk of long-term job loss. Funding available for each job will cover 100 per cent of the National Minimum Wage for 25 hours a week – for a grant of around £6,500 per placement.
Trainee & Apprentice Payments
£111 million to triple the scale of traineeships for 16-24 year olds, with direct payments of £1,000 to businesses who hire trainees. Payments of £2,000 will be given to employers for each new apprentice they hire under the age of 25, and £1,500 for any apprentice aged over 25.
A VAT reduction from 20% to 5% has been announced on the following business activities: any eat-in or hot takeaway food and drinks from restaurants, cafes and pubs, excluding alcohol; all holiday accommodation in hotels, B&Bs, campsites and caravan sites; and, attractions like cinemas, theme parks and zoos. The cut is valid from 15 July until 12 January 2021.
Increased Stamp Duty Land Tax threshold
In England and Northern Ireland the threshold under which no SDLT is paid on the purchase of a main home will increase from £125,000 to £500,000, with immediate effect until 31 March 2021.
Green Homes Grant
£2 billion to allow people to apply for a voucher, to fund at least two-thirds of the cost of upgrading the energy performance of their homes – up to a maximum of £5,000. Low-income households will be eligible for up to 100 per cent of government funding, up to £10,000.
Today’s package of measures will support Scotland, Wales and Northern Ireland, Scotland is receiving £4.6 billion of extra support during the coronavirus crisis, Wales is receiving £2.8 billion and Northern Ireland is receiving £1.6 billion