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8 July 2020, 13:10 | Updated: 8 July 2020, 13:37
Chancellor of the Exchequer Rishi Sunak has unveiled his plan to support young people’s careers, with the Kickstart Scheme.
The government today announced plans to get young people into work following the loss of millions of jobs and closure of industries throughout the coronavirus pandemic.
Rishi Sunak unveiled the Kickstart Scheme in parliament on 8 July, detailing plans for those leaving education this year.
He told MPs: “Over 700,000 people are leaving education this year. Many more are just starting out in their careers. Under 25s are two and a half times as likely to work in a sector that has been closed. We cannot lose this generation.”
The scheme will give “100,000 young people in every nation of Britain the best chance of getting a job.”
Sunak announced he is “making available £2 billion to fund hundreds and thousands of jobs. There will be no cap on the number of places available.”
The fund will subsidise work placements for people on Universal Credit aged between 16 and 24 who face risks of long-term unemployment.
The Chancellor also announced a temporary stamp duty holiday to try and boost the property market.
This would exempt the first £500,000 of all property sales from the tax.