Chancellor delivers summer statement in the Commons on UK economic recovery from pandemic
- The chancellor’s key points at a glance
- Full report: Sunak unveils stamp duty holiday and hospitality VAT cut
- Boris Johnson refuses to apologise to care workers at PMQs
- PM’s local hospital closes to emergency admissions after Covid-19 outbreak
- Global coronavirus updates – live
2.28pm BST
Business groups like the chancellor’s announcement.
Here is an extract from the response from Dame Carolyn Fairbairn, the CBI director general.
Today’s jobs plan is an important step forward. For young people, the kickstarter scheme will help create jobs in the short-run that can turn into opportunities for the long-run, and firms look forward to working with government to get it up and running quickly and well. It is also good to see direct support for apprenticeships and careers advice, which will help build the skills as well as the jobs of the future.
Chamber business communities all across the country have campaigned for additional support for hard-hit hospitality and tourism firms – and will welcome the reduction in VAT for these sectors to help them restart and rebuild. #minibudget
2.18pm BST
Chris Beauchamp, chief market analyst at City firm IG, predicts that Rishi Sunak will need to produce more stimulus measures in the autumn budget. Today’s announcement won’t be enough to protect the economy…
£9 billion for a job retention scheme and £2 billion job creation scheme for young people are two of the big ticket measures announced, but it still seems like tinkering around the edges when set against a 25% contraction in GDP.
“Pubs and housebuilders have been boosted by the news of additional programmes to boost consumer spending on meals out, a cut in VAT for tourism and hospitality and a stamp duty holiday.
Continue reading…Chancellor delivers summer statement in the Commons on UK economic recovery from pandemicThe chancellor’s key points at a glanceFull report: Sunak unveils stamp duty holiday and hospitality VAT cutBoris Johnson refuses to apologise to care workers at PMQsPM’s local hospital closes to emergency admissions after Covid-19 outbreakGlobal coronavirus updates – live 2.28pm BSTBusiness groups like the chancellor’s announcement.Here is an extract from the response from Dame Carolyn Fairbairn, the CBI director general.Today’s jobs plan is an important step forward. For young people, the kickstarter scheme will help create jobs in the short-run that can turn into opportunities for the long-run, and firms look forward to working with government to get it up and running quickly and well. It is also good to see direct support for apprenticeships and careers advice, which will help build the skills as well as the jobs of the future.Chamber business communities all across the country have campaigned for additional support for hard-hit hospitality and tourism firms – and will welcome the reduction in VAT for these sectors to help them restart and rebuild. #minibudget 2.18pm BSTChris Beauchamp, chief market analyst at City firm IG, predicts that Rishi Sunak will need to produce more stimulus measures in the autumn budget. Today’s announcement won’t be enough to protect the economy…£9 billion for a job retention scheme and £2 billion job creation scheme for young people are two of the big ticket measures announced, but it still seems like tinkering around the edges when set against a 25% contraction in GDP. “Pubs and housebuilders have been boosted by the news of additional programmes to boost consumer spending on meals out, a cut in VAT for tourism and hospitality and a stamp duty holiday. Continue reading…