The government has unveiled its Mini Budget, which includes plans on creating and saving hundreds of thousands of jobs to ensure unemployment levels do not sky-rocket.
Its £30 billion economic plan has a focus to “protect, support and create jobs”, with the Chancellor of the Exchequer Rishi Sunak saying: “I will never accept unemployment as an unavoidable outcome.”
To achieve this, he revealed a jobs retention bonus, giving employers £1,000 per employee they take back off the furlough scheme, as long as they continue employing them till January 2021.
He also announced £2 billion to create “hundreds of thousands of jobs”, by paying bosses to establish new positions for 16-24 year-olds who are at risk of long-term unemployment.
Employers will be given £1,000 as an incentive, with the trainees having to work at least 25 hours per week and get paid the minimum wage at least.
Businesses that take on new apprenticeships will also be given £2,000 per trainee for the next six months, as a way to enable more young people to get on the career ladder. What’s more, employees will be given £1,500 if they taken on apprentices over 25 years old, so older workers are not disadvantaged.
In addition to these measures, Mr Sunak revealed schemes that will boost jobs by encouraging the public to spend money and boost the economy, including the Green Homes Grant, cutting stamp duty, and reducing VAT on food, accommodation and attractions from 20 per cent to five per cent.
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