Chancellor's Summer Economic Update
Today Chancellor Rishi Sunak delivered his Summer Economic Update in Parliament, announcing new measures to support the economy through the COVID-19 crisis.
Newly announced employment support measures included:
- Job Retention Scheme bonus: £1,000 payment to employers for each person brought back from furlough.
- Apprenticeships: Govt to pay employers over next 6 months to create new apprenticeships - £2,000 payment for apprentices under 25, £1,500 for over 25.
- Kick starter scheme: Payment of wages of newly employed 16 to 24 year olds for six months.
- Payment to employers of £1,000 per new traineeship undertaken.
Responding to the Chancellor's statement, ADS Chief Executive Paul Everitt said:
“New measures to help businesses bring furloughed employees back to work and to recruit the next generation of talented young people are welcome steps. We hope to see current apprenticeships also receive support, making sure those already being trained can complete their courses and keep their career ambitions on track.
“Action taken by the Government to safeguard jobs and the wider economy is appreciated by those working across the UK aerospace, defence, space and security industries. In the weeks and months ahead our companies will need further specific support to protect their long-term competitiveness.
“Rapid expansion of support for green aerospace technology, accessible and effective financial support for SMEs, and public procurement in defence, space and security will all enable our high value industries to build a sustainable recovery and generate future UK prosperity.”