What time is Rishi Sunak’s Summer Statement today?

Today Chancellor Rishi Sunak will set out his summer economic measures in a speech in the House of Commons, as he faces pressure to assist those impacted financially by the coronavirus crisis.

Amid concerns the end of the furlough scheme could spark a huge wave of redundancies, Mr Sunak is expected to announce measures to safeguard jobs in the UK.

Since lockdown was announced in March, the country has taken a huge financial hit, with many businesses forced to close for months – with Royal Mail, Centrica, Easyjet and British Airways among those affected.

Here’s what you need to know about Mr Sunak’s upcoming July statement.

What time is Rishi Sunak’s Spring Statement today?

Mr Sunak will give his statement today, on Wednesday, July 6 from Downing Street.

It will be at around 1pm, just after Prime Minister’s Questions.

You can watch the speech live on news channels such as the BBC.

What is he expected to announce?

It’s thought the chancellor will respond to growing fears around a surge in youth unemployment due to the coronavirus pandemic by announcing a £2bn temporary job creation scheme for the under-25s.

The three-point plan to boost the ailing economy will include a scheme to help pay for six-month placements for some under-25s facing long-term unemployment.

Mr Sunak said: “Young people bear the brunt of most economic crises, but they are at particular risk this time because they work in the sectors disproportionately hit by the pandemic.

“We also know that youth unemployment has a long-term impact on jobs and wages and we don’t want to see that happen to this generation.

“So we’ve got a bold plan to protect, support and create jobs – a plan for jobs.”

It’s expected the Chancellor will also announce plans to double the number of work coaches at job centres – with more than £800million of funding – to help people back into work.

Mr Sunak is reportedly considering a £30 billion ‘high street voucher’ scheme.

Authors of a report by the Resolution Foundation said vouchers worth £500 per adult and £250 per child could be handed out to be spent in hard-hit sectors of the economy, such as face-to-face retail, hospitality and leisure.

Mr Sunak will announce a £3bn programme to make homes and public buildings more environmentally friendly.

It will include £2 billion for households to insulate their homes and make them more energy-efficient, but campaigners said the funding pales in comparison to the economic and environmental crises.

According to reports, an immediate stamp duty holiday for homes at the lower end of the market could be introduced, with an exemption threshold to £500,000.

This could boost the housing market, which has been struggling during lockdown.

Mr Sunak has also been urged to consider an emergency VAT cut to stimulate consumer spending and stem the 14% slump in GDP forecast by the Bank of England this year.

If there is a second wave of coronavirus, the Organisation for Economic Co-operation and Development (OECD) has warned the UK’s unemployment rate could rise to 14.8 per cent, with job losses comparable to 1930s.