Day: July 8, 2020

Sunak’s VAT cut is not enough to make me a happy camper

A £3.8bn stamp duty cut meanwhile sounds bold, but arguably is of limited impact when many such first-time buyers were exempt on purchases up to £300,000 already. We may see purchases brought forward to take advantage of the holiday by people who were already intending to move, and a resultant drop in demand next year.

But with just £1,500 in tax to be saved on the average purchase price of about £200,000, will that make a difference at the margin when consumer confidence around big ticket purchases is at record lows?

As for the furlough bonus, accountants say the £1,000

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No support for overlooked company directors in the mini-Budget

Small businesses that slipped through the net of Chancellor Rishi Sunak’s measures to support the British economy continue to be overlooked, according to trade body the Institute of Directors.

In Mr Sunak’s fresh stimulus package aimed at rebooting the economy, there was no help announced for company directors, who have not been able to receive income support during the pandemic.

Jonathan Geldart, of the Institute of Directors, said that while the cut to VAT for businesses in the hospitality sector and the job creation schemes were welcome, he had hoped for “broader-based measures” to help companies ride out the crisis, 

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The stocks to buy after the Government’s summer spending splurge

Pubs, restaurants and tourism

The Chancellor announced that everyone in the country will get an “eat out to help out” discount throughout August. 

Meals will be half price at any participating pub or restaurant, Monday to Wednesday, with a maximum discount of £10 per head.

This should provide support for businesses in the pub and restaurant sector. Mr Hyett said the government’s voucher scheme should give consumer spending a bit of a boost in early August. However, it’s ultimate effects are difficult to judge at this stage as it is the first scheme of its kind.

Hospitality and tourism businesses

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Walmart hosts virtual summer camp, drive-in movies to keep families entertained

Dive Brief:

  • Walmart is hosting a virtual summer camp and drive-in movie experience to connect with families who are stuck at home this summer, the company announced. Camp by Walmart will be available starting July 8 through the retailer’s mobile app.
  • Drew Barrymore, Neil Patrick Harris, LeBron James, Idina Menzel and Todd Oldham will host video sessions that include arts and crafts, fitness, musical Mad Libs and teaching performance skills.
  • The retail giant also partnered with Tribeca Enterprises to create a touring drive-in movie theater that will turn Walmart parking lots into outdoor cinemas. Beginning in August and running
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