The chancellor of the exchequer, Rt Hon Rishi Sunak, announced ambitious programs today, focused around green jobs and hospitality to move the country into phase 2 of the COVID-19 response, ‘the economic response’. This follows ‘protection’, phase 1 and the third phase, ‘rebuild’.
BiU watched the economic update with interest, following with a round-table discussion between our CEO Michael Abbott, CCO Anthony Mayall and head of risk Matt Osborne on several key elements affecting the energy industry, net zero agenda and hospitality sector.
You can watch BiU’s green jobs discussion on the update for free here.
The summer economic update summary
In case you missed it, Sunak announced a plan to find, create and protect jobs, with a £3bn investment in green jobs, focused on home-owners and public sector buildings.
“green recovery, with concern for our environment at its heart”Rishi Sunak, the chancellor of the exchequer
The green recovery:
- £2bn green homes grant to make homes more energy efficient
- £1bn being released to improve the energy efficiency of public sector buildings
- £50m to decarbonise social housing (pilot)
“£3bn green jobs plan to save money, cut carbon and create jobs”Rishi Sunak, the chancellor of the exchequer
Sunak also presented an investment in construction, notably with the temporary change in stamp duty, and concluded with major benefits to the food, accommodation and attractions sector reducing VAT from 20% to 5% for 6 months – a £4bn ‘catalyst for the tourism and hospitality sector’.
The team at BiU discuss Sunak’s £30bn summer economic update, and pose whether this is a new commitment in green jobs, or does the £3bn simply meet the Conservatives party manifesto which said it would spend £9bn on domestic energy efficiency – insulate homes, lowering energy bills, while reducing greenhouse gas emissions. What about business’ green recovery? And discuss the support for the hospitality sector and how the “eat out to help out” and 5% VAT incentive could help fund net zero ambitions.
We look forward to the full budget in Autumn and see how far we are to rebuilding a greener country.