The Chancellor of the Exchequer Rishi Sunak has set out a ‘Plan for Jobs’.
Details are set out below:
- Job Retention Bonus - UK Employers will receive a one-off bonus of £1,000 for each furloughed employee who is still employed as of 31 January 2021.
- £2 billion Kickstart Scheme - Those aged 16-24, claiming Universal Credit and at risk of long-term unemployment, will be eligible. Funding available for each six-month job placement will cover 100% of the National Minimum Wage for 25 hours a week – and employers will be able to top this wage up.
Employment support schemes, training and apprenticeships. This includes:
- Businesses will be given £2,000 for each new apprentice they hire under the age of 25. This is in addition to the existing £1,000 payment the Government already provides for new 16-18-year-old apprentices and those aged under 25 with an Education, Health and Care Plan.
- A £111 million investment to triple the scale of traineeships in 2020-21 ensuring more young people have access to high quality training.
- £17 million of funding to triple the number of sector-based work academy placements in 2020-21
- Nearly £900 million to double the number of work coaches to 27,000;
- Over a quarter of a million more young people to benefit from an extra £32 million investment in the National Careers Service.
- £8.8 billion of new infrastructure, decarbonisation and maintenance projects.
- £3 billion green investment package that could help support around 140,000 green jobs and upgrade buildings and reduce emissions.
- Package for homeowners and landlords in England to apply for vouchers from a £2 billion Green Homes Grant scheme this year to pay for green improvements such as loft, wall and floor insulation.
- A £1 billion programme to make public buildings, including schools and hospitals, greener.
In addition, £5.8 billion will be spent on shovel-ready construction projects to get Britain building. This includes:
- £1.5 billion for hospital maintenance and upgrades.
- £100 million for our local roads network.
- Over £1 billion to start to rebuild schools in the worst condition in England, plus £760 million this year for key maintenance work on schools and FE colleges.
- £1 billion for local projects to boost local economic recovery in the places that need it most
- £142 million for court maintenance to repair around 100 courts across England.
- Government’s new Eat Out to Help Out discount scheme will provide a 50% reduction for sit-down meals in cafes, restaurants and pubs across the UK from Monday to Wednesday every week throughout August 2020.
- VAT applied on most tourism and hospitality-related activities cut from 20% to 5%.
- A temporary increase to the Nil Rate Band of Residential SDLT (Stamp Duty) from £125,000 to £500,000 until 31 March 2021, in England and Northern Ireland.