Coronavirus Economic Recovery

Today, Chancellor of the Exchequer Rishi Sunak announced our £30bn Plan for Jobs to tackle the economic impact of COVID-19 by protecting, supporting and creating jobs.

Throughout the coronavirus crisis, we have put in place a £160 billion plan to protect people’s jobs, incomes and businesses – one of the largest and most comprehensive in the world.The New Jobs First recovery plan will be incredibly beneficial locally as we have 11,600 people on furlough right here in North West Hampshire – supporting employers in bringing them back will be crucial to our recovery. I warmly welcome the announcements today and a full list of the newly announced schemes and initiatives can be found below.

Supporting Jobs by;

Rewarding and incentivising employers who successfully bring furloughed staff back through a new £1000 per employee Jobs Retention Bonus Scheme.Temporarily cutting VAT from 20% to 5% for the tourism and hospitality sectors, giving a much-needed boost to some of the industries hardest hit by coronavirus.

Launching a new Eat Out to Help Out scheme – something that has never been done in this country ever before – giving people up to 50 per cent off meals out, encouraging them back into restaurants, cafes and pubs.

Creating Jobs by;

Temporarily scrapping stamp duty on all homes under £500,000 to catalyse the housing market and boost confidence – helping to drive growth and create jobs.

Upgrading the energy efficiency of homes across England through a new Green Homes Grant, saving people hundreds of pounds on their energy bills, while helping to meet our goal of Net Zero by 2050.

Launching a pilot to decarbonise social housing, reducing energy bills by an average of £200 for some of the poorest households in society.

Providing £1 billion to improve the energy efficiency of public sector buildings, helping to deliver on our ambitious climate change targets.And finally, supporting people to find jobs by;Directly paying businesses to create jobs for 16-24 year olds through a £2bn Kickstart Scheme.

Paying businesses £1,000 to take on Trainees, with triple the number of places there are now, to get young people ready for work, providing £111 million.

Providing £2,000 to employers for each new apprentice they hire under the age of 25, helping more people into the workplace while developing key skills.Giving young people who have just left school the skills they need to find work in high-value sectors, such as engineering, construction and social care.

Expanding the National Careers Service to help more young people find work or training, so it can provide advice to 269,000 more people.Tripling the number of places available through Sector-Based Work Academies, supporting those who are out of work with the new skills they need to re-enter the jobs market.

Doubling the number of work coaches and boosting the DWP’s rapid response service to get people back on their feet and into work.Offering a guaranteed foundation of support to all young people on Universal Credit with a new Youth Offer – including 13 weeks of intensive support.

Creating an Opportunity Guarantee so every young person has the chance of an apprenticeship or an in-work placement.