• Michael Roberts FPFS

Summer Statement Summary

Updated: Aug 8

Yesterday, the Chancellor made an unusual Summer Statement announcing a range of measures to help stem the damage from the Coronavirus. Here's a quick summary of the main points.

Economic Measures

  • Three point strategy to support, protect and retain jobs

  • Furlough scheme to be wound down gradually from October

  • £1,000 bonus payable to employers for retaining furloughed employees

  • ‘Kickstarter’ job package for 16-24 year olds

  • Government subsidy worth up to £6.5k for each employee taken on under Kickstart Scheme

  • £2,000 bonus for employers taking on trainees

  • £1,500 bonus for apprentices over age 25

  • Companies able to apply for job subsidies within one month

  • Additional funding for the National Careers Service

  • Help for long term unemployed

  • £1.6bn additional funding for DWP

Infrastructure/Housing

  • £3bn scheme to make homes and buildings more environmentally friendly

  • £2bn Green Homes Grant to make homes energy efficient – up to £5k per household

  • £1bn to improve energy efficiency of public buildings

  • Property transactions fell by 50% in May

  • Stamp duty threshold raised to £500K (from £125K) until 31/3/21 effective immediately. Predicted 9 out of 10 people will pay no SDLT this year.

Hospitality and Tourism

  • 1.8 million people employed in the hospitality and tourism sector. 1.4million workers in the sector have been furloughed. 80% of sector stopped trading in April

  • VAT on food, accommodation and attractions to be cut to 5% from 15 July until Jan 12th 2021

  • August special – ‘Eat out to help out’ – 50% discount available Mon to Weds worth up to £10/head (at participating establishments).

The Chancellor confirmed that there will be a Budget and a Spending Review in the Autumn. In his speech he also remarked that “Over the medium-term, we must, and we will, put our public finances back on a sustainable footing”.


As always, if you have any questions or would like to discuss this in more detail, please get in touch.


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