Economic Statement – Wednesday 8th July

Tomorrow (Wednesday 8 July), the Chancellor, Rishi Sunak, will deliver an economic statement, where he will announce the start of measures intended to stimulate the economy and employment prospects.

This is a big moment in the intended economic recovery and there has been much speculation as to the measures likely to be announced ranging from a temporary reduction in the VAT rate to a stamp duty holiday (LBTT in Scotland).

We expect there to be encouragement for employers to take on new staff, particularly those under 25, whether that be in the form of grants, NIC holidays or an enhancement to the employment allowance. All such measures will be welcomed as the UK seeks to convert the easing of lockdown into economic recovery.

As ever, our team will aim to keep you appraised of developments as soon as the Chancellor has delivered his update.