The chancellor has today unveiled a ‘kickstart jobs scheme’ for young people in his summer statement, meaning that companies will now be given £2000 each to encourage them to hire apprentices aged 16-24; and £1500 for apprentices aged over 25.
He also says the government will provide £100m to create places on Level 2 and 3 courses.
This £2bn emergency package is an attempt to prevent mass unemployment due to the impact the coronavirus pandemic has had on the UK economy. The chancellor says this ‘kickstart’ plan is aimed at preventing an entire generation being “left behind”.
Sunak also announced a new ‘jobs retention bonus’ and said employers who bring back furloughed workers until the end of January will receive a one-off £1,000 payment for each employee.
In brief, this is what else the chancellor pledged today:
- £1bn will be given to the Department of Work and Pensions to help jobkseekers.
- The government has already pledged to double the number of staff who work in job centres.
- The chancellor says the government will pay employers £1,000 to take on trainees.
- A quarter of a million will go towards supporting careers advisers.
- A temporary change to stamp duty – immediately increasing the threshold to £500,000.
- Temporary cut to VAT on food, accommodation and attractions from 20% to 5% is announced.
Full story and live updates from the BBC can be found here.