Rishi Sunak announced his much-trailed plans earlier today, with a focus on stimulating the economy following the impact of the coronavirus pandemic.
Highlights for those in the housing sector include:
- Stamp duty holiday – as expected, the first £500,000 of all property sales will be exempt from stamp duty land tax. This will take effect immediately but is a temporary measure only and will run until 31 March 2021.
- Green Homes Grant scheme – this £2bn scheme will run from September. Homeowners and landlords will be able to apply for vouchers to improve energy efficiency of homes. Up to two thirds of the cost of energy efficiency improvements, at a maximum of £5k per home (or £10k for low income homes)
- No extension to the furlough scheme, which will end in October
- Incentives to keep employing furloughed staff – organisations will receive a £1,000 bonus for each employee that they bring back from furlough and continuously employ until January 2021
- A scheme to create jobs for young people, including paying the salaries of 16-24 year olds recruited into new jobs, plus 30,000 new trainee positions for young people in England, supported by a £1,000 per person grant for employers
- Apprenticeships – new bonuses will be available to those recruiting apprentices.
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