Chancellor Announcement of Measures to Boost the Economy

Yesterday afternoon (8.06.20), the Chancellor Rishi Sunak has announced a number of measures to support and boost the economy.  Those measures include:-

  • Jobs Retention Bonus.  Businesses which bring back furloughed employees and keep them on until January, doing meaningful work, will receive £1,000 per employee.  This applies to all furloughed employees, who when brought back from furlough leave, receive a minimum of £520 on average per month.
  • Kickstart Scheme.  The government will pay the wages of young people (16-24) in newly created jobs – 25 hours a week, National Minimum Wage, for 6 months.  Employers can apply to be part of the scheme next month.  Employers will be able to top up the scheme.
  • £1,000 to take on trainees.  The government will pay employers £1,000 to take on trainees.
  • New Apprenticeships.  The government will pay employers to create new Apprenticeships – £2,000 per apprentice.  Businesses will also receive a bonus of £1,500 for Apprentices over 25 years old.
  • 2 measures to support the hospitality sector:
  • VAT on food, accommodation and attractions will be cut from 20% to 5%, and this will apply from next Wednesday until 12th January 2021.
  • During August, everyone will be able to receive an ‘Eat out to help out discount’. At any participating business, customers will receive a 50% discount up to £10 per head, Monday to Wednesday.  Businesses can register to take part from next Monday, and will be able to claim the discounted money back.

Blackburn BID will keep you updated as and when we have more information.

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