The Chancellor Rishi Sunak has unveiled a £30 billion spending programme, in the face of mass unemployment and a prolonged economic crisis following the coronavirus pandemic.
In a statement to the House of Commons Mr Sunak revealed a series of measures:
– Firms will be paid a thousand pounds for each employee brought back from furlough, and kept in employment until at least January next year
– For the under 25s there’s a £2 billion pound scheme to create thousands of job placements and get young people into work
– Stamp duty has been temporarily suspended on property sales up to £500,000 in England and Northern Ireland.
– VAT will be cut from 20% to 5% on food, accommodation and attractions, until next January
– During August there will be 50% off meals in participating restaurants, worth up to £10 a head, from Monday to Wednesday
Many businesses have been struggling with a difficult decision on what to do with their furloughed employees in the months ahead. The job retention bonus scheme is offering to pay £1,000 to employers for each furloughed employee brought back and kept in work until the end of January 2021. The employee must be paid at least £520 a month.
The furlough scheme will end in October. It will have been the biggest state economic intervention since the Second World War. So what will the chancellor’s new measures cost — and how will the Treasury pay for it all?
Huw Edwards presents BBC News at Ten reporting from Political Editor Laura Kuenssberg, Political Correspondent Alex Forsyth, Sarah Corker in Manchester, Business Correspondent Darshini David and Business Editor Simon Jack.
Please subscribe HERE http://bit.ly/1rbfUog
In This Story: Ireland
Geopolitically, Ireland is divided between the Republic of Ireland (officially named Ireland), which covers five-sixths of the island, and Northern Ireland, which is part of the United Kingdom. As of 2016, 4.8 million people live in the Republic of Ireland, and 1.8 million live in Northern Ireland.
The Irish climate is influenced by the Atlantic Ocean and thus very moderate, and winters are milder than expected for such a northerly area, although summers are cooler than those in continental Europe. Rainfall and cloud cover are abundant.
A strong Irish culture exists, as expressed through Gaelic games, Irish music and the Irish language. The island’s culture shares many features with that of Great Britain, including the English language, and sports such as association football, rugby, horse racing, and golf.
3 Recent Items: Ireland
In This Story: Laura Kuenssberg
Laura Juliet Kuenssberg is a British journalist. In July 2015 she succeeded Nick Robinson as Political Editor of BBC News, the first woman to hold the position.
4 Recent Items: Laura Kuenssberg
In This Story: Manchester
5 Recent Items: Manchester
In This Story: Northern Ireland
Northern Ireland is variously described as a country, province, or region, which is part of the United Kingdom. Located in the northeast of the island of Ireland, Northern Ireland shares a border to the south and west with the Republic of Ireland.
4 Recent Items: Northern Ireland
In This Story: Rishi Sunak
Rish Sunak is a British Conservative Party MP, who was originally elected as a Member of Parliament in the Richmond (Yorks) constituency in 2015.
His father-in-law is billionaire founder of Indian IT giant, Infosys, NR Narayana Murthy.
Sunak experienced a meteoric rise, first to be selected for the “safest” Conservative seat in the UK, he would later become the UK Chancellor of the Exchequer in under five years.