The Plan for Jobs is the second part of a three-phase plan to secure the UK鈥檚 economic recovery from coronavirus. The first stage was a 拢160bn support package.
In a summer economic update to Parliament, the chancellor said that as the UK enters the second phase in its recovery the government wanted to support jobs by focusing on skills and young people, creating jobs with investment in shovel-ready projects and greening infrastructure.
There were also special聽 measures to protect jobs in the hospitality sector, including a VAT cut and 拢10 restaurant discounts for all, Mondays to Wednesdays during August (called the 鈥楨at Out to Help Out鈥� scheme).
Rishi Sunak said: 鈥淥ur plan has a clear goal: to protect, support and create jobs. It will give businesses the confidence to retain and hire. To create jobs in every part of our country. To give young people a better start. To give people everywhere the opportunity of a fresh start.鈥�
As part of the plan to support jobs, a Job Retention Bonus will be introduced to help firms keep furloughed workers. UK Employers will receive a one-off bonus of 拢1,000 for each furloughed employee who is still employed as of 31 January 2021.
Any business taking on an apprentice in the next six months will get 拢2,000 per apprentice from the government (拢1,500 for apprentices aged 25 or older).
A total of 拢1.6 billion will be invested in scaling up employment support schemes, training and apprenticeships to help people looking for a job.
To help the housing market, the stamp duty threshold is being raised, temporarily, from 拢125,000 to 拢500,000 until April 2021.
Under the new Green Homes Grant, a 拢2bn home insulation scheme, the government will pay at least two-thirds of the cost of home improvements that reduce energy consumption (up to 拢5,000 maximum). The scheme starts in September.
He released a further 拢1bn of funding to improve the energy efficiency of public sector buildings.
To read what the construction industry thinks of these measures, see our report here.
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