At 12.30pm today Chancellor Rishi Sunak delivered his Summer Economic Update in Parliament where he announced a number of support measures to help the economy.
The plans announced today are the second part of a three-phase plan to secure the UK’s economic recovery from coronavirus. Throughout the pandemic, the UK Government has acted with speed to protect lives and safeguard jobs. The three-phase plan consists of the following:
Phase 1 – protect
Phase 2 – support
Phase 3 – rebuild
The packages he unveiled aim to kickstart the economy’s recovery with a particular focus towards, helping hospitality, securing and creating jobs, and the housing market. Having only just been announced, more detail is set to come, in the meantime here is a first glance at the main measures that have been announced.
The Summer Economic Update at a glance:
In response to the announcement Mike Osborne, owner of the Fabulous Group had this to say.
‘These seem to be a balanced set of measures designed to focus on key areas of job retention for those currently on furlough, promoting employment for the younger generation, encouraging the bounce-back of the most affected sectors and protecting the housing market, all of which are key components to try and minimise recessionary impacts.”