WHAT TO EXPECT IN HIS MINI-BUDGET
CHANCELLOR Rishi Sunak will give a summer economic update in the Commons on Wednesday afternoon with the next full-blown Budget expected to follow in the autumn. Here Deputy Political Editor JOHN STEVENS examines what to expect:
WORK COACHES
To tackle rising unemployment, the Chancellor will announce a massive increase in front-line job centre staff. The number of such ‘work coaches’ will double to 27,000. They will have the task of getting people back into work faster through mentoring.
HOSPITALITY VAT CUT
To encourage people to go out and start spending this summer, Mr Sunak is expected to announce an immediate cut to VAT for the hospitality industry. Pubs, restaurants and hotels are likely to benefit from a six-month reduction.
APPRENTICESHIPS
A huge expansion in apprenticeships will be the centre-piece of Wednesday’s economic update, with all young people expected to be guaranteed the opportunity of one. The target to get 50 per cent of young people into university is also expected to be abandoned.
STAMP DUTY
To get the housing market moving, Mr Sunak is considering temporary changes to stamp duty but they are unlikely to be announced until the Budget in the autumn. One of the ideas is a six-month stamp duty holiday for properties at the lower end of the market.
GREEN BOOST
Boris Johnson has pledged to have a ‘green’ recovery to secure the country’s economic future. Measures likely to be announced this week include grants or loans for environmentally-friendly home improvements, such as installing insulation.
BAILOUT FOR THE ARTS
Theatres, museums and galleries will benefit from a £1.57billion bailout for cultural institutions. Ministers claim the rescue package is the biggest ever one-off investment in the sector. The money is a combination of grants and loans.
TRAINEESHIPS
Thousands of young people will be given the skills to secure a job as Mr Sunak triples the number of places available on the Government’s traineeships programme. Participants are given maths, English and CV-writing training alongside work experience placements.