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Mini-Budget 2020 summary: from stamp duty to eating out discounts

on Thu, 09/07/2020 – 09:22
mini budget 2020

Here are the key announcements made by the chancellor today 8/07/2020):

  • Every Briton will be given an "eat out to help out" discount. Meals eaten at any participating business Monday to Wednesday in the month of August will be 50% off at up to £10 per head.
  • VAT on food, non-alcoholic drinks, accommodation and attractions have been cut from 20% to 5%.
  • Effective immediately homebuyers will be temporarily exempt from paying the stamp duty for the first £500,000 of any property price, saving them an average of £4,500. This is valid until the end of March 2021.
  • Mr Sunak has also committed £30 billion for protecting the jobs market.
  • The Chancellor will pay businesses a £1,000 job retention bonus for every furloughed worker that is brought back and employed until the end of January 2021. Workers must have been continuously
  • Employed and earn an average of more than £520 per month in November 2019, December 2019 and January 2020.
  • For the next six months, the Government will pay businesses up to £2,000 for every new apprentice under 25 years old. It will also pay £1,500 for every new apprentice above 25 years old hired.
  • An extra £1 billion will be invested in the Department for Work and Pensions to help people get back to work.