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10 Jul 20201 minute read

New Government fiscal support initiatives

ECAtoday
New Government fiscal support initiatives

Earlier this week (8 July), Chancellor Rishi Sunak MP advised Parliament of fiscal support initiatives that include the following:

  • A ‘Job Retention Bonus’ to help businesses retain previously furloughed workers. UK employers will receive a one-off bonus of £1,000 for each furloughed employee who is still employed up to 31 January 2021
  • From August 2020 to January 2021, businesses will be eligible for £2,000 for each new apprentice they employ under the age of 25. (In addition to the £1,000 payment the Government already provides for new 16-18-year-old apprentices.) Businesses recruiting new apprentices aged 25 and over will be eligible for £1,500.
  • A £2 billion ‘Kickstart’ Scheme to create new, fully subsidised jobs for young people. Funding for each six-month job placement will cover 100% of the National Minimum Wage for 25 hours a week (employers will be able to top this up). Applications should be possible in August 2020.
  • £111 million more for traineeships in 2020-21
  • A £1 billion green building programme for public buildings, including schools and hospitals, plus  a £2 billion Green Homes Grant scheme for domestic and rental energy improvements such as loft, wall and floor insulation in England.

More information for ECA Members can be found here >

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