New Government fiscal support initiatives
10 July 2020
Earlier this week (8 July), Chancellor Rishi Sunak MP advised Parliament of fiscal support initiatives that include the following:
- A ‘Job Retention Bonus’ to help businesses retain previously furloughed workers. UK employers will receive a one-off bonus of £1,000 for each furloughed employee who is still employed up to 31 January 2021
- From August 2020 to January 2021, businesses will be eligible for £2,000 for each new apprentice they employ under the age of 25. (In addition to the £1,000 payment the Government already provides for new 16-18-year-old apprentices.) Businesses recruiting new apprentices aged 25 and over will be eligible for £1,500.
- A £2 billion ‘Kickstart’ Scheme to create new, fully subsidised jobs for young people. Funding for each six-month job placement will cover 100% of the National Minimum Wage for 25 hours a week (employers will be able to top this up). Applications should be possible in August 2020.
- £111 million more for traineeships in 2020-21
- A £1 billion green building programme for public buildings, including schools and hospitals, plus a £2 billion Green Homes Grant scheme for domestic and rental energy improvements such as loft, wall and floor insulation in England.
More information for ECA Members can be foundhere >