17-year old young entrepreneur Zayn Bux has welcomed yesterday’s mini budget by The Chancellor.
The Chancellor, Rishi Sunak has announced a Stamp Duty holiday in his Summer Statement, with the threshold of Stamp Duty exemption being levied for properties up to the value of £500,000 until the 31st of March 2021, he also announced a cut in VAT – effective from next Wednesday – from 20% to just 5% for food, accommodation and attractions in a move designed to help the struggling hospitality industry. He also announced a £1000 bonus for employers bringing staff back from furlough if they are reemployed up until January next year.
London TV owner Bux told us “Today’s announcements will come as a welcome boost to the sector as they encourage people and customers who are very conscious of their finances to get back into pubs and restaurants.”
Commenting on the Stamp Duty he said “Getting the housing market moving has an immediate impact on these trade sectors. There are two sides to it; firstly, getting houses up to scratch for sale, and secondly, improving purchased houses. By putting money into the hands of buyers that would have otherwise been spent on tax means there are greater opportunities for home owners to spend.”
The coronavirus pandemic led to Bux cancelling his debut LondonTV Awards.