Will a stamp duty holiday and Rishi's rescue be enough?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 10 July 2020

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

The showstopper was a big stamp duty cut, the important element was about keeping jobs afloat, and the rabbit out of the hat was a great British meal deal.

But the question is, was Rishi Sunak splashing the cash in the summer statement enough to get the nation’s confidence back in the wake of the coronavirus crisis, or will real recovery require more down the line?

On this week’s podcast, Simon Lambert, Lee Boyce, and Georgie Frost run the rule over the Chancellor’s performance (spoiler alert, he’s good) and the substance of his speech (you’ll have to listen to the show for the verdict on that).

They also ask the awkward question of how are we going to pay for all this – and does that even matter right now?

Plus, was that a killer blow for the ‘bad tax’ that is stamp duty; will a £1,000 bung be enough for a company to keep someone in work; how badly will the hospitality industry be hit; and just how crazy would you have called someone who forecast at the start of the year that by summer we’d have an official Eat Out to Help Out scheme?

Listen to the podcast to hear the team’s verdict on all this and more.

Transcript

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0:00.0	Welcome to This Is Money. I'm Georgie Frost and alongside editor Simon Lamb and me today is assistant editor
0:05.6	Lee Boyce. And this week, the Chancellor opened up his checkbook again, offering billions more to prop up the UK
0:12.1	economy as a result of the coronavirus pandemic. Stamped duty cuts may have grabbed the headlines,
0:17.7	but this was about jobs, supporting, protecting and creating them. But are
0:21.9	the measures going to be enough as thousands more go every day? Well, businesses decide not to sack
0:27.6	staff for a grand. Will of the AT cut geters out spending? Is going green the right move? What about
0:33.6	other industries? And is a meal voucher, a big gimmicky waste of money. Did the
0:38.6	Chancellor though have any other choice? Whatever you think we're left with a massive bill to pay
0:43.1	for so the final question is where on earth is this money going to come from? Don't forget
0:46.8	and step to date with all the latest breaking money news just go to this ismoney.co.uk
0:51.2	or download the app but first. The clue was in the title, A Plan for Jobs. The Chancellor
0:57.6	stood at the dispatch box on Wednesday to deliver his latest speech in response to the coronavirus
1:02.4	pandemic. Against the backdrop of a recession predicted to be the deepest since records began,
1:08.3	it took just two short months to wipe out 18 years of economic growth.
1:13.6	The government's furlough scheme paid the wages of over 9 million people, but it can't go on forever, as the Chancellor pointed out.
1:20.6	And there are fears that when it starts to wind down, jobs will go, and in frightening numbers.
1:25.6	Indeed, due to redundancy laws and consultation periods
1:28.2	and the like, we're seeing that happen now. So Rishi Sunak outlined a three-pronged plan to
1:33.7	support, create and protect employment with young people who are likely to suffer the most as a result
1:39.3	of coronavirus at the heart of his scheme. Plus, we got some restaurant vouches. We'll drill down into
1:46.1	details shortly and finally look at how we're going to pay for all this. But gentlemen,
1:51.4	firstly, your overall impression of the statement and the man himself, Simon.
	...

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