'Plan for Jobs' sets out steps for economic recovery

Delivering his Summer Economic Update in Parliament, Sunak announced measures to support jobs and give businesses the confidence to retain and hire staff.

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The chancellor’s plan is designed to support jobs by focussing on skills and young people, to create jobs with investment in shovel-ready projects and by decarbonising infrastructure.

Sunak said: “Our plan has a clear goal: to protect, support and create jobs…To create jobs in every part of our country. To give young people a better start. To give people everywhere the opportunity of a fresh start.”

As part of the plan to support jobs, a Job Retention Bonus is being introduced to help firms retain furloughed workers. To this end, UK employers will receive £1,000 for each furloughed employee who is still employed on 31 January 2021.

"I think the furlough scheme closing is a good call as it will encourage companies to make decisions and not prolong the uncertainty," said Rowan Crozier, CEO of precision manufacturing firm Brandauer. "The retention bonus is a good idea, but not sure it is a big enough bonus to make employers think twice about letting people go."