Yesterday, the Chancellor outlined the government’s £30bn Plan for Jobs. In Esher and Walton, the measures could benefit hundreds of local businesses, protect thousands of jobs, and save the average house buyer £15,000.
First, the plan included a significant boost for the tourism and hospitality sectors. From Wednesday (15 July) until 12 January, the VAT rate applied on most tourism and hospitality-related activities will be cut from 20% to 5%. This will save households £160 per year on average, and could help up to 745 businesses in Esher and Walton.
Next, the Chancellor announced that the government will fund a 50% discount (of up to £10 per person) for sit-down meals in cafes, restaurants and pubs, from Monday to Wednesday every week in August. This will also help consumers, and up to 230 local businesses.
There was a further boost for home-buyers in Elmbridge with a temporary Stamp Duty cut announced, meaning that no Stamp Duty will be payable on the first £500,000 of a property purchase. This move applied from immediately after the Chancellor announced it yesterday and will last until 31 March next year. In Elmbridge, the average buyer will save £15,000.
Finally, a new Job Retention Bonus will help to support jobs after the furlough scheme ends in October. Employers will receive a one-off bonus of £1,000 for each furloughed employee still employed as of 31 January next year. This could help to support the jobs of the 11,800 people in Esher and Walton who had been furloughed by 31 May.
Together, these measures provide us with a real local boost. The government is providing the support for our local businesses, families and young people to bounce back from this international pandemic.
