Rishi Sunak gives tax cuts on home-buying and dining out, and a bonus for employers who retain staff
Britain's Chancellor of the Exchequer Rishi Sunak holds the budget box outside his office in Downing Street in London,. Picture: REUTERS/PETER NICHOLLSUK chancellor of the exchequer Rishi Sunak has set out a radical blueprint to save jobs and pump life into the coronavirus-battered economy, including tax cuts on home-buying and dining out, and a new bonus for employers who don’t fire their staff.
Raising the stamp duty threshold for purchases of property to £500,000, until March 31. Officials said this would mean nearly nine out of 10 people buying homes would pay no stamp duty.A £9bn bonus programme to protect workers returning from furlough.Sunak has a huge task in pulling the world’s fifth-biggest economy out of what may be its worst recession in three centuries.
He announced a new programme to reward employers taking back furloughed workers and keeping them on continuously through to end-January. Businesses will get a £1,000 bonus per employee who returns from furlough in a policy of that could entail as much as £9bn.Sunak cut the VAT rate on food, accommodation and attractions to 5% from 20%. The measure will last until January 12, in what he said was a £4bn catalyst.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Johnny Depp rejects ex-wife Amber Heard's abuse claims in libel suit against UK paperHollywood star Johnny Depp accused his ex-wife Amber Heard of lying about him beating her up and told London's High Court that she had actually struck him.
Read more »
UK insurer Aviva appoints Amanda Blanc as new CEOSecond change at the top in less than two months revives speculation of a break up of the life and general insurer
Read more »
Big Four in UK told to outline plans for audit split by OctoberPwC, Deloitte, KPMG and EY to separate their audit practices after an edict from the accounting watchdog
Read more »
Grant Thornton fined by UK financial reporting watchdogThe audit firm’s failures in ethics were repeated over three years, resulting in numerous breaches of standards and requirements
Read more »
NEVA MAKGETLA: Let’s not repeat the mistakes of flashy megaprojectsMass community jobs programmes can build the economy in a much more equitable way
Read more »
KZN government satisfied that King Shaka airport is ready for takeoffThe KwaZulu-Natal provincial government is hoping for the revival of the provincial economy and job creation, it said during an inspection of King Shaka International Airport on Wednesday.
Read more »