CHANCELLOR?S SUMMER ECONOMIC STATEMENT

There's extensive coverage for chancellor Rishi Sunak's summer economic statement this lunchtime where he will outline various measures to mitigate the economic fallout of the Covid-19 pandemic.

As reported by many newspapers, a temporary stamp duty freeze is expected to help stimulate the ailing housing market, with speculation that the current £125,000 threshold would rise to at least £300,000, and possibly as much as £500,000 (Daily Mail, p10). The Telegraph (p1) reports that an increase to £500,000 would benefit seven out of ten house buyers in England and Northern Ireland, and is expected to come into effect immediately.

Separately, analysis from Halifax found that UK house prices fell for the fourth month in a row for the first time since 2010 (The Guardian, p33). However, the analysis found that June saw a doubling in the number of new mortgage inquiries from potential homebuyers in England compared with the previous month.

Other measures anticipated in the chancellor's economic statement include a £2 billion ?kickstart? work placement scheme in which the state will cover the minimum wage for young workers, with employers able to top up salaries (The Times, p1, £). The scheme targets those aged between 16 and 24 on Universal Credit, who are at risk of long-term unemployment (BBC News).

In his statement to MPs due to follow Prime Minister's Questions today, the chancellor is also expected to announce a £3 billion ?green? fund, boosts for apprenticeships, and increased resources for job centres (BBC News).

UK TRADING STANDARDS WARNS SCAM CALLS WILL RISE AS LOCKDOWN EASES

The Guardian (online only) reports that National Trading Standards (NTS) is predicting an imminent spike in scam telephone calls as Covid-19 lockdown measures are relaxed and call centres around the world - including fraudulent ones operated by criminals - begin to reopen.

NTS warns that fraudsters operating such scams exploit coronavirus fears and prey on vulnerable and older people self-isolating at home.

Customers can protect themselves by following the Take Five to Stop Fraud advice to 'stop, challenge, protect?. The public is advised to:

• take a moment to stop and think before handing over money or information
• challenge the request, bearing in mind that only criminals attempt to rush a transaction
• contact their bank immediately if they believe they have fallen for a scam, and report it to Action Fraud

NEWS IN BRIEF

The FTSE 100 fell 34 points to 6155 as markets braced for chancellor Rishi Sunak's statement to kickstart Britain's economic recovery from the Covid-19 crisis (Evening Standard).

The Recruitment and Employment Confederation (REC) has warned of a UK ?jobs crisis?, after figures produced by the REC and KPMG found that demand for staff continued to fall in June (Reuters).

Brussels is forecasting an 8.3 per cent drop in GDP for the 27 economies of the EU in 2020 followed by a 5.8 per cent rebound in 2021 (The Guardian, p33).

The Scottish government is prepared to fight proposed post-Brexit legislation allowing Westminster to unilaterally set food and environmental standards (Financial Times, online only £).

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