Government announces new plans to support households and the economy
The Covid-19 period has challenged the finances of many households and businesses across the country. This month, Chancellor Rishi Sunak announced the Government’s plans to support households, and to ‘kickstart’ the economy.
We thought you might like to know about some of the schemes and initiatives the Government has put in place to help everyone’s money go a bit further.
Save money when eating out
The Government has introduced a ‘eat out to help out discount’ to encourage people to safely return to restaurants, cafes pubs. Every Monday to Wednesday in August customers will receive a 50% discount (up to a maximum discount of £10 per head) at participating restaurants. You can find information on your local participating restaurants here.
VAT reduced for 6 months
From 8 July to 12 January 2021, VAT on tourism and hospitality related activities will be cut from 20% to 5%. The Government estimates that this reduction in VAT will save households an average of £160 per year.
The ‘Fix your bike voucher scheme’
To help reduce the impact of Covid-19 the Government are keen to help us all be more fit and healthy, and want to encourage us to travel locally without relying solely on public transport or a car. So if you are able to cycle and have an old bicycle that you could use, they announced this week that you can apply for a voucher worth up to £50 towards the repair costs. The vouchers are being released gradually, you can find more information about the scheme and how to apply for a voucher here.
Job creation scheme for young people
If you have a young person living in your household, you may be happy to hear that the Government has announced a £2 billion Kickstart Scheme that will create thousands of jobs for 16-24 year olds. A total of £1.6 billion will be invested in employment support schemes, training and apprenticeships to help people looking for a job. Read more in the Chancellor’s plan for jobs to help the UK’s recovery.
If Covid-19 has left you struggling to pay your rent, please speak to a member of our income recovery team on 0300 365 3100.
