• Farrell & Farrell

UK Summer Economic Update 2020

Updated: Sep 10

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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Farrell & Farrell CA Limited (trading as Farrell & Farrell) is registered in NI with registration number NI 639336. Registered with The Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry on audit work and regulated for a range of investment business activities by Chartered Accountants Ireland (CAI). Details about our audit registration can be viewed at www.auditregister.org.uk under reference number 3044856.