The Chancellor will make a statement to the House on Wednesday 8 July. He will outline plans to support the economy. The Chancellor’s statement is being labelled as a ‘summer economic update’.

  1. Plans include a new £2bn scheme to create thousands of job placements for young people
  2. The chancellor announces a temporary change to stamp duty – immediately increasing the threshold to £500,000
  3. Temporary cut to VAT on food, accommodation and attractions from 20% to 5% is announced
  4. Chancellor announces new job retention bonus for employers who bring back furloughed staff
  5. A £2bn “green homes grant” to help make homes more energy efficient is also unveiled

About Eirlys Jones

Eirlys is the Commercial Director at North Wales Tourism and can be contacted at or connect with her on LinkedIn you can also follow her on Twitter @EirlysJones5