Chancellor Rishi Sunak's Summer Statement marked the second phase of the government's strategy for dealing with the economic fallout from the coronavirus. 

    It was an economic statement geared around retaining and creating jobs. 

    Here Tony Wickenden talks through some of the main highlights:

    Tony discusses how the government is looking to build on the success of the furlough scheme in terms of allowing employers to keep staff on and maintain their wages. 

    He outlines the facts and figures behind the new employment-related initiatives and in particular the job retention bonus scheme and the kickstart scheme. 

    He covers the cuts to VAT for the hospitality industry, and the stamp duty holiday, which comes into effect for transactions that were due to complete from 8 July. 

    Tony also looks ahead to how the debt relating to the various coronavirus support schemes will be repaid, and the impact on taxation which is likely to feature in the Autumn Budget.

    He adds that any tax increases will somehow need to avoid having an adverse effect on the UK economy. 

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