The ‘Road to Recovery’

A recent report has been published setting out Manchesters Recovery Plan post Covid-19. 

The works are designed to rebuild the people, economy and all businesses within the city. These will start with the revision of the ‘One Manchester Strategy 2015 – 2025″. Local MPs are looking to reposition the strategy in order to combat the effects of COVID – 19. 

The strategy is in five parts, which cover :

  • Building a thriving and sustainable City
  • A highly skilled City
  • A progressive & equitable City
  • A liveable & low carbon City
  • A connected City

It has been reported that the revised strategy will be approved in 2021. 

Andy Burnham – The Mayor for Greater Manchester – has spoken out to say “the impact of the pandemic on high streets should be viewed positively, as an opportunity to reshape how town centres are developed.” 

The detailed recovery plans for Manchester will complement a wider Greater Manchester plan. These will be designed & rolled out through a collective approach, with residents and business.

SDLT

The Chancellor of the Exchequer – Rishi Sunak – has today announced the scrapping of SDLT (stamp duty) on all homes under £500,000 with immediate effect. The temporary cut will be in place until 31st March as a minimum. This will raise the threshold for paying stamp duty from £125,000 to £500,000 with immediate effect. 
At present, SDLT is not charged on the first £125,000 of a property’s selling price. 2% is payable up to £250,000 and 5% on the next £675, 000. 
In the same announcement, Sunak has provided information on the package he has created to combat the potential effect of unemployment which include :
  • A £1000 bonus for every furloughed worker kept on by employees
  • A 10% discount for each meal eaten at a restaurant next month      
  • VAT within hospitality cut to 5% until January
  •  A £3billion green package, with grants for home-owners and public buildings to improve energy efficiency.
If you own a property or are looking to expand your portfolio, please do get in touch with our team. They would be more than happy to discuss how we can strengthen your current portfolio or provide further information on available investment opportunities.