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Summer Economic Update 2020

The speech was billed as a ‘Summer Economic Update’, rather than an ‘Emergency Budget’, Rishi Sunak unveiled the Government’s Plan for Jobs, described by the Chancellor as the second phase in the Government’s economic response to the crisis.

Grants and reliefs offered by the Chancellor included support for: employment, the hospitality and tourism industry and included green initiatives as well as a scheme to get us to eat out in August.

The expected reduction in VAT was confirmed but was restricted to the hospitality and tourism sector. An across the board decrease was rejected.

To boost the flagging property market Stamp Duty is being reduced in England and Northern Ireland. Separate announcements on this topic are awaited for Scotland and Wales who have their own stamp duty regimes.

The measures outlined by the Chancellor continue to put support for jobs firmly at the centre of the Government’s approach to rebuilding the economy as we emerge from the Coronavirus outbreak.

Read our Summer Economic Update here