UK Summer Economic Update 2020

July 09 2020

The Chancellor Rishi Sunak presented the Summer Economic Update yesterday against a backdrop of economic uncertainty caused by the COVID-19 lockdown.

Our summary of the Summer Economic Update provides an overview of the key announcements arising from the Chancellor’s speech.  Measures include a new Job Retention Bonus to support the phasing out of the Coronavirus Job Retention Scheme (CJRS), a VAT reduction for businesses in the hospitality and tourism sector and a temporary increase to the nil-rate band of residential Stamp Duty Land Tax (SDLT).

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