--- title: Mini-Budget to rescue UK Economy? description: Rishi Sunak outlined measures in his summer statement to help rescue the UK’s Coronavirus hit economy, in his 'mini-Budget’, on 8th July image: https://blog.shorts.uk.com/hubfs/Downloaded%20Hubspot%20Stock%20images/Houses%20of%20Parliament.jpeg --- [![Shorts_logo_White](https://blog.shorts.uk.com/hubfs/New%20Site%202018/Shorts_logo_White.svg "Shorts_logo_White")](https://www.shorts.uk.com/) [Blogs & News](https://blog.shorts.uk.com/) > [Business Taxes](https://blog.shorts.uk.com/topic/business-taxes) # Mini-Budget to rescue UK Economy? Brian Gooch - 9 July 2020 ###### Select topic - Please Select - [ Audit ](https://blog.shorts.uk.com/topic/audit) [ Business Taxes ](https://blog.shorts.uk.com/topic/business-taxes) [ Radius – R&D Tax Relief & Patent Box ](https://blog.shorts.uk.com/topic/radius-rd-tax-relief-patent-box) [ Corporate Finance ](https://blog.shorts.uk.com/topic/corporate-finance) [ GENUS Management Accounts ](https://blog.shorts.uk.com/topic/genus-management-accounts) [ VAT ](https://blog.shorts.uk.com/topic/vat) [ Private Client ](https://blog.shorts.uk.com/topic/private-client) [ Payroll ](https://blog.shorts.uk.com/topic/payroll) [ EOT ](https://blog.shorts.uk.com/topic/eot) [ International Taxes ](https://blog.shorts.uk.com/topic/international-taxes) ![featured image](https://blog.shorts.uk.com/hubfs/Downloaded%20Hubspot%20Stock%20images/Houses%20of%20Parliament.jpeg) Chancellor Rishi Sunak has outlined measures in his summer statement to help rescue the UK’s Coronavirus hit economy.  In what has been called his ‘Mini-Budget’, the following announcements were made on 8th July:   - He rejected calls to extend the [furlough scheme](https://blog.shorts.uk.com/covid-19-job-retention-scheme-faqs) beyond October, saying it would give people "false hope" that they will have a job to return to. - The introduction of a ‘job retention bonus’ that will see employers receive a £1,000 payment from the Government if they bring back a furloughed employee and continuously employ them through to January (providing the employee earns an average of more than £520 per month in November, December and January).  - He announced a stamp duty land tax holiday to stimulate the property market.  This would exempt the first £500,000 of residential property purchases until 31 March 2021 from the tax. For purchases of second properties where higher rates apply the SDLT rate will be 3% to £500,000. - VAT has been reduced from 20% to 5% on meals, accommodation and attractions from 15 July 2020 until 12 January 2021 - Vouchers of up to £5,000 will be made available to individuals to subsidise energy-saving home improvements as part of a wider £3bn plan to cut emissions (and poorer households could get up to £10,000) - For the month of August all UK customers will be able to dine out from Monday to Wednesday for half price, up to a maximum discount of £10 a head.  This does not apply to alcoholic drinks. - New apprentice and trainee funding was announced to support and encourage employment for younger people.  Businesses will get up to £2,000 to take on apprentices under 25 (or £1,500 for apprentices over 25), and receive £1,000 to take on new trainees (capped at 10 jobs per employer).  The Government will also subsidise six-month placements for people aged 16-24, targeting unemployed young people.    The changes announced are intended to give a welcome boost to the economy, targeting the leisure and tourism industries and employment in young people in particular.    As [mentioned previously](https://blog.shorts.uk.com/2020-emergency-budget), we were not expecting any significant announcements on tax changes.  Tax measures will likely be unveiled in the chancellor’s Autumn Budget.   Shorts offer bespoke advice to suit individual and corporate circumstances.  Please do not hesitate to [contact us, ](https://www.shorts.uk.com/contact-us/)if you wish to discuss your circumstances further. [![Contact us](https://no-cache.hubspot.com/cta/default/2442072/0e09363a-89a7-482c-9eac-7e7ce33cbf13.png)](https://cta-redirect.hubspot.com/cta/redirect/2442072/0e09363a-89a7-482c-9eac-7e7ce33cbf13) Similar recent artices: - [15 Tax ](https://blog.shorts.uk.com/15-ways-to-reduce-corporation-tax)[Ways to reduce Corporation Tax](https://blog.shorts.uk.com/how-to-reduce-corporation-tax-15-top-tips) - [The two year window for R&D Tax Relief claims could be closing soon](https://blog.shorts.uk.com/year-end-approaching-dont-miss-the-chance-claim-rd-tax-relief) - [The Budget 2020](https://blog.shorts.uk.com/budget-2020)   ## [Shorts 2020 Tax Saving Guide](https://info.shorts.uk.com/en-gb/2020-tax-saving-guide) | Our tax team created the 2020 tax saving guide, which includes; - over 65 tax saving ideas - top tax risks to avoid - covers areas relevant to both entrepreneurs and owner managed businesses - includes many of the top issues we frequently advice on. [Download your free copy of the guide.](https://info.shorts.uk.com/en-gb/2020-tax-saving-guide)   | [![Shorts Tax saving guilde 2020](https://blog.shorts.uk.com/hs-fs/hubfs/Shorts%20Tax%20saving%20guilde%202020.jpg?width=185&name=Shorts%20Tax%20saving%20guilde%202020.jpg)](https://info.shorts.uk.com/en-gb/2020-tax-saving-guide)[![Download](https://no-cache.hubspot.com/cta/default/2442072/17117af9-e5c9-479f-85fe-e85197752307.png)](https://cta-redirect.hubspot.com/cta/redirect/2442072/17117af9-e5c9-479f-85fe-e85197752307) | | --- | --- | ![author](https://blog.shorts.uk.com/hubfs/Brian%20Gooch%20(1).jpg) #### Brian Gooch I work extensively in the corporate owner managed business sector, covering transactional taxes, property taxes including Stamp Duty Land Tax and VAT, and all areas of business tax planning. I have considerable experience in maximising tax efficiency by reviewing business structures and planning corporate reorganisations. [View my articles](https://blog.shorts.uk.com/author/brian-gooch) Tags: [Business Taxes](https://blog.shorts.uk.com/topic/business-taxes) Share this on - - - [Questions? Get in touch with us](https://www.shorts.uk.com/contact/) ###### Tax Saving Guide 2026-27 Written especially for entrepreneurs and owner-managed businesses, this guide is full of planning ideas and tax risks to avoid. [ Download now ](https://info.shorts.uk.com/en-gb/tax-saving-guide) ![Tax saving guide 2026-27](https://blog.shorts.uk.com/hs-fs/hubfs/Tax%20saving%20guide%202024.jpg?width=375&height=465&name=Tax%20saving%20guide%202024.jpg) ###### Related articles ##### [Shorts looks ahead to the 2023 Autumn Statement](https://blog.shorts.uk.com/shorts-looks-ahead-to-the-2023-autumn-statement) ##### [Autumn Budget 2021 – Our Initial Views](https://blog.shorts.uk.com/autumn-budget-2021-initial-views) ##### [Plastic Packaging Tax – What do I need to know?](https://blog.shorts.uk.com/plastic-packaging-tax) ##### [Annual Investment Allowance & the Super-Deduction](https://blog.shorts.uk.com/annual-investment-allowance-the-super-deduction) ###### Latest articles [A case of aggressive tax avoidance: Glasgow Rangers Football Club](https://blog.shorts.uk.com/aggressive-tax-avoidance-affect-you) [What is VAT? - Complete Guide (Updated for 2025/26)](https://blog.shorts.uk.com/what-is-vat) [Ashgate Hospice Sparkle Night Walk 2026](https://blog.shorts.uk.com/ashgate-hospice-sparkle-night-walk-2026) [Stocktaking guide for UK businesses](https://blog.shorts.uk.com/stocktaking-guide-for-uk-businesses) [Supporting the Chatsworth Cascade for future generations](https://blog.shorts.uk.com/supporting-the-chatsworth-cascade-for-future-generations) [Deal of the Year win at Insider Dealmakers Awards 2026](https://blog.shorts.uk.com/deal-of-the-year-win-at-insider-dealmakers-awards-2026) [Football shirt Wednesday: Backing England in style](https://blog.shorts.uk.com/football-shirt-wednesday-backing-england-in-style) [Understanding lifetime trusts: the basics](https://blog.shorts.uk.com/understanding-lifetime-trusts-the-basics) [Close company directors face new HMRC detail requirements in 2026](https://blog.shorts.uk.com/close-company-directors-face-new-hmrc-detail-requirements-in-2026) [Shorts advise Harris Irwin Architects on successful growth funding.](https://blog.shorts.uk.com/shorts-advise-harris-irwin-architects-on-successful-growth-funding) #### About Us Use this little footer to reinforce your message about who you are and why people love working with you. 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