By John Smith •
Published: 09 Jul 2020 • 12:59
Rishi Sunak on his way to brief Cabinet
Credit: Andrew Parsons / No 10 Downing Street
ALTHOUGH a relative unknown prior to catapulting to the role of Chancellor of the Exchequer just a few months ago, Rishi Sunak who was elected to Parliament in 2015, seems to have taken the economy by the scruff of the neck in his Summer Statement.
His wide-ranging programme is meant to try to stimulate the British economy as the country emerges from the Covid-19 pandemic but these all have to be paid for at some time in the future.
Whilst generally well received, many pensioners fear that they will have to help pay the cost by losing their triple lock pensions for the next few years as the government cannot simply keep printing money and hoping for the best.
Many will be delighted by the fact that he has temporarily removed stamp duty on any sale of property valued at up to £500,000 (€550,000) which means that a buyer’s saving could be as much as £15,000 (€16,500) at the upper limit.
Other measures include a reduction of VAT from 20 per cent to 5 per cent for restaurants, hotels and attractions as well as the possibility of a government contribution if eating out on Monday to Wednesday.
Employers will receive a £1,000 (€1,100) bonus for every furloughed member of staff retained until January 2021 and a special fund will be created to pay six months of wages for those aged 16 to 24 who are currently receiving universal credit.
There will also be a huge investment in training and support for apprenticeships to try to educate people back into jobs.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
Currently he is acting as Editorial Consultant for the paper helping to shape its future development.
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