James O'Brien 10am - 1pm
Martin Lewis' instant reaction to Chancellor's Summer Statement
8 July 2020, 15:13
Money Saving Expert's Martin Lewis gives his instant reaction to the Chancellor's mini budget.
Martin Lewis joked that Rishi Sunak is the "BOGOF Chancellor" after he announced an "Eat out to help out" voucher which will enable diners to get 50% off a meal out during August.
Martin said while this "BOGOF voucher" is not a bad thing, most restaurant chains tend to do 50% off earlier in the week for low value food such as pasta and pizza.
He predicted that chains will continue with vouchers but receive reimbursement from the government while independent restaurants will give discounts as opposed to introducing physical vouchers.
"It is relatively trivial and he was making out like it was going to be some massive announcement...restaurant voucher, they've been doing that for years, Shelagh."
Rishi Sunak announced a stamp duty cut in England and Northern Ireland on properties under £500,000, which, Martin said, is "a benefit for anyone buying their main residential property."
He explained that if someone is buying a house for £600,000 while previously they would have paid stamp duty which would have been 5% above a £250,000, now they would pay 5% above £500,000.
"They would have paid £20,000 stamp duty and will now pay £5,000 stamp duty, providing nothing has changed."
He called this move a "substantial stimulus to the housing market."
The Chancellor also announced that homeowners in England will receive vouchers worth up to £5,000 to make energy-saving improvements to their properties, including double-glazing and solar panels.
"This feels like a new green deal although it seems to be a better structure," said Martin, "I think that will be a very positive move, those grants, when they come out in September."