Deepest Global Recession Ever From Coronavirus Pandemic
Deepest Global Recession Ever From Coronavirus Pandemic
UK government plans to invest another 30 billion pounds into the UK economy to try to recover from the economic impact of the coronavirus pandemic
The International Monetary Fund IMF is forecasting the worst ever global recession due to the pandemic. In the UK the UK economy shrank 25 percent in two month period.
The UK new government Plan For Jobs includes new 1000 pound job retention bonus for employers in UK if they keep on furloughed workers until at least January 2021. To qualify workers must be paid 520 per month. This could cost the UK taxpayer up to 9 billion pounds.
There will be a new Kick Start Job Scheme for young people aged between 16 and 24. UK employers will receive up to six and a half thousand pound grant from the government if the employ young people starting in the Autumn. UK employers can employ as many Kick Starters as they want and be eligible for the grant for each new young worker started. UK government providing additional apprenticeship funding of 2000 pounds per apprentice started too.
UK government investing 2 billion pounds in Green Homes Scheme which is also hoped to create jobs. The money will be used to improve homes insulation. A grant can also be obtained to improve energy efficiency of public buildings.
UK construction sector support for house building and plan to boost housing market and associated homes and garden products and services suppliers with increase in stamp duty threshold to half a million pounds. 9 out 10 homes bought now will be bought free of stamp duty. The change will run until March 2021.
Hospitality sector supported with cut in VAT from 20 percent to 5 percent for 6 months. This applies to food accommodation and leisure attraction related businesses. During August 2020 people can use the new Eat Out To Help Out scheme that will knock 50 percent off meals out throughout all of August. Businesses will need to register to benefit from the scheme.