This week the Chancellor announced a package of measures to support jobs in every part of the country, give businesses the confidence to retain and hire, and provide people with the tools they need to get better jobs. The plan for jobs is the second part of a three-phase plan to secure the UK’s economic recovery from coronavirus.
The 3 key areas are:
• This includes a £3 billion green investment package that could help support around 140,000 green jobs and upgrade buildings and reduce emissions.
• As part of this package homeowners and landlords in England will be able 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 that could save some households hundreds of pounds a year on their energy bills while creating thousands of jobs for tradespeople.
• And a £1 billion programme will make public buildings, including schools and hospitals, greener, helping the country meet its ambitions of achieving Net Zero by 2050, whilst investing in our future prosperity.
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.
• A new £2 billion Kickstart Scheme will be launched to create hundreds of thousands of new, fully subsidised jobs for young people across the country. 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.
• A Job Retention Bonus will be introduced to help firms keep furloughed workers. UK Employers will receive a one-off bonus of £1,000 for each furloughed employee who is still employed as of 31 January 2021.
• 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.
• An £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 job centre 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.
• The rate of VAT applied on most tourism and hospitality-related activities will also be cut from 20% to 5%
• To encourage people to safely return to eating out at restaurants the 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.
• Introducing a temporary increase to the Nil Rate Band of Residential SDLT (Stamp Duty) from £125,000 to £500,000 until 31 March 2021
Many of these schemes are not yet live so keep an eye on the Government support pages for more information.
The Guild will keep you informed of updates as they occur.