UK Summer Economic Update 2020
Updated: Sep 10, 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).