Since the start of the coronavirus pandemic, the Government has said it will do whatever it takes to protect people and businesses from the immediate economic crisis. As part of this, more than 8,200 jobs have been supported through the Coronavirus Job Retention Scheme, allowing employers to put workers on furlough while the Government supports their wages, in Clwyd South.
The Chancellor has now set out the second phase of the Government’s response, focusing on jobs: supporting people to find the jobs that are out there, creating new jobs through investing in infrastructure, and protecting jobs by revitalising the hard-hit sectors upon which many jobs depend.
As part of this, employers will be encouraged to retain staff who have been on the furlough scheme, with the Government paying a one-off bonus of £1,000 for every employee who was furloughed and who is kept on until January.
Also included in the Government’s £30 billion Plan for Jobs:
• A temporary cut in VAT for the tourism and hospitality sectors, to give a much-needed boost to some of the industries hardest hit by coronavirus.
• A new Eat Out to Help Out Scheme, giving people up to 50 per cent off meals out at restaurants, pubs and cafes on Mondays, Tuesdays and Wednesdays in August.
• The temporary removal of stamp duty on all homes under £500,000 until the end of March 2021, to catalyse the housing market.
• A new Kickstart Scheme, which will create hundreds of thousands of new, fully-subsidised jobs for young people.
The Chancellor’s Summer Economic Update, along with the New Deal for Britain announced by the Prime Minister last week, will benefit people and businesses across Wales. This includes an additional £500 million of Covid-19 funding for the Welsh Government through the Barnett Formula. The UK Government is now providing £2.8 billion through the Barnett Formula to help the Welsh Government support individuals, businesses and public services through Covid-19.
Following the Plan for Jobs, the UK Government will turn its attention to a third phase – a moment for rebuilding. The Chancellor will produce a Budget and a Spending Review in the autumn.
Commenting, Simon Baynes MP said:
“Throughout the coronavirus crisis, the UK Conservative Government has stood squarely behind people and businesses with one of the largest and most comprehensive packages of support anywhere in the world.
“As we turn our attention to carefully reopening our economy, it is right that the Chancellor is doing everything in his power to support, protect and create jobs. This plan will be a lifeline for countless people and businesses across Clwyd South.
“By levelling up the whole country, we will give businesses the confidence to retain and hire, create jobs in every region and ensure young people have the opportunity of a better start.”
