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Summer Economic Update

The Chancellor, Rishi Sunak, delivered a Summer Economic Update yesterday. In his speech he stated that the Government has a three-phase plan to secure the UK’s economic recovery from the pandemic. The first phase was a £160 billion support package which included the Job Retention Scheme and business grants and loans. The second phase is designed to support jobs. The third phase, will focus on rebuilding, and the details will be given in the Budget and Spending review in the autumn.

The focus of yesterday’s Summer Economic Update was on Phase two and this phase is split into three topics ‘Supporting jobs’, ‘Creating jobs’ and ‘Protecting jobs’. Details of the support provided in each of these three topics is summarized in the attached AMM.

Dr David Moore