Helpful Guide to the Summer Economic Statement - what's new
- 9th July 2020
We have looked over the Summer Economic Statement and measures introduced by the Chancellor Rishi Sunak this week and pulled out the key details about the new schemes.
The measures introduced are broadly welcome. Anything that can help protect, create and support jobs, plus specific measures to help some sectors and to encourage energy efficiency are clearly positive. However, there is no doubt that these measures will not go far enough for some.
The impact of these measures will affect many SMEs. If you have furloughed staff, whilst the promise of a £1,000 bonus may not be enough for you to keep on all your furloughed staff, where the case is marginal, this bonus may be enough to tip the balance in favour of keeping jobs.
The Kickstart scheme, which aims to get young people who are on universal credit and at risk of long-term employment into work, will also be a welcome boost for many, while the six-month VAT cut and Eat Out to Help Out scheme should help to get the economy moving in the hospitality industry.
Here for you
How these changes affect you will vary from business to business and person to person. We want to help you get through these tough times and benefit from the support that is available to you.
As ever, do get in touch if you would like to discuss your business and how we can assist. We are available on the phone, on email a firstname.lastname@example.org, or through video calls on Teams, Zoom or other platforms.
All data and figures referred to in our news section are correct at the date of publishing and should not be relied upon as still current.