Jerome welcomes Chancellor's Summer Statement

At the beginning of the Pandemic the first stage of government assistance was a massive job support package and extra funding for the country’s vital public services including the NHS.  The Government has paid the wages of nearly 12 million people and supported over a million businesses through grants, loans and rates cuts.

As we enter the second phase in our recovery, the Chancellor’s extraordinary plan is designed to support jobs by focussing on supporting businesses as they bring back staff from furlough, encouraging training and employment for young people, create jobs with investment in projects and greening our infrastructure, and protect jobs through a VAT cut and discount offer for the tourism and hospitality sectors.

I am really pleased that the Chancellor has put protecting jobs and a green recovery at the centre of his summer statement. The £2.1bn "kickstart scheme" will create more jobs and opportunities for young people by subsidising six-month work placements for people on Universal Credit aged between 16 and 24. In addition, the Government is providing 30,000 new traineeships for young people in England, by giving firms £1,000 for each new work experience place they offer.

Hundreds of thousands of homeowners are set to benefit from vouchers of up to £5,000 for energy-saving home improvements, with the poorest getting up to £10,000 as part of a wider £3bn plan to cut emissions. This measure could reduce energy bills by up to £300 a year whilst reducing carbon emissions.