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Five things we learned from the mini-Budget

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Five things we learned from the mini-Budget

Chancellor Rishi Sunak has presented his “summer economic update” to the MPs.

We have learned the following:

– The level of economic success could actually be very large

The Chancellor said that the economy shrank by 25% in two months as a result of the ban – just as much as in the past 18 years.

The Office for Budget Responsibility and the Bank of England both warned of “significant job losses”.

– The cost of job and business protection measures could rise to GBP 30 billion

Up to £ 9.4 billion is available to help companies pay a £ 1,000 bonus for each worker on leave.

Around £ 3.7 billion is available for the “Kickstart” program for 16- to 24-year-olds and measures to promote skills and apprenticeships.

The cost of reducing VAT from 20% to 5% from July 15th to January 12th could be £ 4.1bn, while the Food to Help program can cost up to £ 500m Are available and grant guests a discount in August.

Infrastructure spending announced by Boris Johnson last month is £ 5.6 billion, while green measures add £ 3.1 billion.

The temporary cut in stamp duty in England and Northern Ireland could cost the Treasury £ 3.8 billion.

– Mr. Sunak will not end a good crisis

The Chancellor said the government’s response was a question of “values”, not just the economy, and told MPs: “It is a clear decision to make this moment meaningful for our country in a way that is beyond frustration and beyond the loss of the past few months.

“It’s a plan to transform our national recovery into millions of personal renewal stories.”

– The Chancellor is a bigger draw than the Prime Minister

It may be due to the magnitude of the economic crisis or a reflection on Mr. Sunak’s rising status, but the commons were as full as the rules of social detachment allowed.

It was the most visited event in the chamber since it was closed. Some MPs used the galleries above the green benches to hear directly from the Chancellor.

– People are encouraged to eat out even though the prime minister is trying to make the nation fit

In August, from Monday to Wednesday, you will receive a 50% discount on meals consumed by a participating company, up to a maximum of £ 10 per head for everyone, including children.

Mr Johnson said Britain is “much thicker” than most other European countries and “we will be happier and fitter and more resistant to diseases like Covid if we can fight obesity.”

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