An unprecedented Summer Statement was delivered today by the Chancellor of the Exchequer, Rishi Sunak.

Although the economy is starting to open up gradually after its pandemic-enforced quarantining, the chancellor’s statement is an attempt to stem the damage from a forecast 14% slump in GDP this year, according to the Bank of England, and a potential rise in the unemployment rate from 3.9% to 15%, according to the Organisation for Economic Cooperation and Development.

About the Budget

This snapshot is not an in-depth analysis but aims to give you a quick summary of the key points announced by the Chancellor from the dispatch box.

More details are available from GOV.UK

Main Headlines from the Speech


  • Extraordinary measures introduced to offset effects of Covid-19 virus
  • £160bn spent by Government in addressing the Corona virus crisis
  • Economy contracted by 25% in first six months of year
  • Government will not be defined by the crisis, but by their response to it


Economic Measures

  • Three point strategy to support, protect and retain jobs
  • Furlough scheme to be wound down gradually from October
  • £1,000 bonus payable to employers for retaining furloughed employees
  • ‘Kickstarter’ job package for 16-24 year olds
  • Government subsidy worth up to £6.5k for each employee taken on under Kickstart Scheme
  • £2,000 bonus for employees taking on trainees
  • £1,500 bonus for apprentices over age 25
  • Companies able to apply for job subsidies within one month
  • Additional funding for the National Careers Service
  • Help for long term unemployed
  • £1.6bn additional funding for DWP



  • £3bn scheme to make homes and buildings more environmentally friendly
  • £2bn Green Homes Grant to make homes energy efficient – up to £5k per household
  • £1bn to improve energy efficiency of public buildings
  • Property transactions fell by 50% in May
  • Stamp duty threshold raised to £500K (from £125K) until 31/3/21 effective immediately.
  • Predicted 9 out of 10 people will pay no SDLT this year.


Hospitality and Tourism

  • 1.8 million people employed in the hospitality and tourism sector. 1.4million workers in the sector have been furloughed. 80% of sector stopped trading in April
  • VAT on food, accommodation and attractions to be cut to 5% from 15 July until Jan 12th 2021
  • August special – ‘Eat out to help out’ – 50% discount available Mon to Weds worth up to £10/head (at participating establishments).


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