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24/07/2020
On 8, July 2020 the Chancellor Rishi Sunak released his Summer Economic Statement. The Chancellor began by noting that the economy contracted by 25% since the beginning of the year which is the same level that it had grown in the previous 18 years. The focus was then on the Government’s plans for its second phase in response to the COVID-19 crisis with a newly announced plan for employment.
There was a lot in this statement for businesses to digest so here we break down some of the key initiatives announced.
Furlough Scheme wind down
Trainees and apprenticeships
Hospitality and Tourism sector
Housing sector
Infrastructure and construction
Devolved Administrations
The Chancellor didn’t rule out further Government assistance going forward to protect jobs and support businesses. The third phase of the Government’s response to the crisis, involving the rebuilding of the economy, is expected to be unveiled in the Autumn budget later this year.
Information within this article is correct as of 31.07.20. As information is changing all of the time, refer to https://www.gov.uk/coronavirus for the most up to date information.
POSTED IN: 2020
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