The Summer Statement by the Chancellor of the Exchequer announced several important measures which will help protect thousands of jobs in Southampton and help rebuild our economy.
The announcements include cutting VAT on hospitality from 20% to 5% for six months and providing unlimited 50% off ‘Eat Out to Help Out’ vouchers (up to the value of £10 a head) for all in August. Up to £9bn will be available through a new Job Retention Bonus for employers to help bring employees back from furlough. The Chancellor also is offering a further £2bn to support new jobs for young people who are unemployed. A nine-month stamp duty holiday which will apply to 90% of home purchases also starts today.
I think this is great news to help support jobs, create opportunities for young people and support businesses in Southampton this summer. This package will help kickstart our economy and help us recover.