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Wednesday was a busy day in parliament for the Conservative government.
Prime minster, Boris Johnson went toe to toe with the Leader of the Opposition, Kier Stammer in a heated Prime Minister’s Questions. But it was Chancellor of the Exchequer, Rishi Sunak, who made the headlines by presenting his ‘Mini-Budget’.
We’ve broken down the key takeaways:
The Chancellor confirmed stamp duty on residential property in England and Northern Ireland will rise from £125,000 to £500,000.
The tax break applies with immediate effect until March 31st, 2021.
Our analysts predict this could result in 85% of housing deals becoming tax-free during the period.
The move is seen as an attempt by Sunak to stimulate the housing market by reducing transaction taxes.
Sunak confirmed businesses would be encouraged to retain furloughed staff – The government promised all businesses would receive a one-time payment of £1000 for every furloughed employee retained by the end of January 2021.
The payment applies to any employee who earns over £520 per month in the UK.
Our analysts predict this will cost the taxpayer £9.8bn.
Earlier this week Boris Johnson vowed to ‘build build build’ and bring ‘jobs jobs jobs’.
Sunak built on Johnson’s promise by promising £1bn in grants to public sector bodies to boost energy efficiency in new existing and new builds
The Chancellor also promised £50m towards a social housing decarbonization fund along with a £5.6bn package of infrastructure measures