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The chancellor announces a temporary holiday on stamp duty on the first £500,000 of all property sales in England and Northern Ireland, to run until 31 March next year.

He says the change will take place immediately.

The levy is paid on land or property sold for £125,000 or more – although first-time buyers pay no tax up to £300,000.

He also said he would cut VAT from 20% to 5% for the hospitality and tourism sectors from 15 July until 12 January.

Sunak said he wanted to see pubs, restaurants, cafes and B&Bs "bustling again".

He also announced a plan which will see some diners will get a 50% discount off their restaurant bill during August. Read more here.

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The chancellor says he wants to create green jobs adding "this is going to be a green recovery".

He announces a £2bn Green Homes Grant under which "homeowners and landlords will be able to apply for vouchers to make their homes more energy efficient and create local jobs".

"The grants will cover at least two thirds of the cost, up to £5,000 per household," he says.

He also says he will release £1bn of funding to improve the energy efficiency of public sector buildings.

It is "a £3bn green jobs plan to save money" he tells MPs.

Reality Check

The chancellor’s “kickstart scheme” for young people has reminded some commentators of another job creation plan launched by Labour in 2009.

The Future Jobs Fund was set up to create subsidised jobs for unemployed young people and was mostly aimed at 18 to 24 year olds in receipt of Jobseeker’s Allowance.

The government paid employers up to £6,500 per job in wage and business costs and initially intended the programme to create 170,000 temporary jobs lasting six months.

The scheme was originally scheduled to run until March 2011 and was subsequently extended for another year.

But the incoming Conservative/Liberal Democrat coalition government cancelled it, with Prime Minister David Cameron calling it “one of the most ineffective job schemes there's been".

Official statistics show that up until the scheme closed in March 2011 there had been 105,220 starts to Future Jobs Fund vacancies in Great Britain at a cost of £680 million, external.

A government study published in May 2011 concluded that the scheme was generally successful in preparing participants for work and had some positive long-lasting effects.

However, statistics published in October 2011, external showed that almost 47% of Future Jobs Fund participants who took part between October 2009 and March 2010 were claiming working age benefits 14 months after starting on the scheme.

Sunak says the government will give companies £2,000 each to encourage them to hire apprentices.

He says firms will also get £1,500 to over apprentices over 25.

He says £1bn will be given to the Department of Work and Pensions to help jobkseekers.

The government has alreasy pledged to double the number of staff who work in job centres.

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The chancellor says the government will pay employers £1,000 to take on trainees.

He also say the government will provide £100m to create places on Level 2 and 3 courses.

And a quarter of a million will go towards supporting careers advisers

Nick Eardley
Political correspondent

The Jobs Retention Scheme is a new – and big – pledge from the Treasury.

Many are extremely worried about unemployment spiralling when the furlough ends. Labour have warning about that for weeks.

This is designed to offer an incentive for businesses to do whatever they can to keep on employees coming back from furlough.

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The chancellor now announces his "Kickstart scheme" which was previewed this morning.

"The Kickstart Scheme will directly pay employers to create new jobs for any 16 to 24-year-old at risk of long-term unemployment," he says.

"These will be decent jobs – with a minimum of 25 hours per week paid at least the National Minimum Wage.

"I urge every employer big or small to hire as many kickstarters as possible."

Simon Jack
BBC Business Editor

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Image source, HoC

The chancellor now announces "a new jobs retention bonus".

He tells MPs that if you are an employer and you bring some back who was furloughed and you continue to employ them to January the government will pay you a £1000 bonus.

"The employee must be paid £520 months each month through to January," he says.

"This would be a £9bn policy to retain people in work.

"If you stand by your workers we will stand by you," he says.

Rishi Sunak says the government's "extraordinary" economic support measures have been among the largest in the world.

But he says despite this, the UK is still facing "profound" challenges and "significant" job losses.

He says though he will not accept unemployment as an inevitable outcome to a 25% decline in national income in two months.

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Rishi Sunak says the government will do "all we can" to help prevent job losses in the wake of Covid-19.

"No one will be left without hope," he pledges.

The government will "do what is right" and will be "unencumbered by dogma," he tells MPs.

"Where problems emerge, we will confront them. Where support is justified, we will provide it. Where challenges arise, we will overcome them" he says.

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Chancellor Rishi Sunak gets to his feet and gets his “summer economic statement” under way.

He's greeted with a cheer from the Conservative benches - which are less full than usual because of Covid-19 restrictions.

We’re going to pause on our coverage of PMQs now as it comes to a close, and start to lookahead to the chancellor’s statement.

Rishi Sunak is due on his feet in the next 10 minutes.

Click here for a preview of what he could announce.

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Labour's Alex Norris says it was "disappointing" that the government has stopped short of supporting a change in the law which would see tougher punishments for those who are violent against shop workers.

He seeks an assurance that the government will introduce such a law if their current plans fail to stop such attacks.

We should have a zero tolerance for violence towards people who work in shops," replies the prime minister.

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Labour's Rachel Hopkins, MP for Luton, asks for emergency support for the town's borough council - which has faced a slump in income due to lower demand from the local airport, which it is a major stakeholder.

Boris Johnson says the government has given English councils an extra £3.2bn in emergency coronavirus support.

He says what the aviation sector really needs is a "medium-to-long-term" solution to help help more flights resume.

Our colleagues in the region look at the council's finances here.

Reality Check

Labour leader Keir Starmer challenged Prime Minister Boris Johnson to apologise for his comment that "too many care homes didn't really follow the procedures in the way that they could have" during the coronavirus pandemic.

Mr Johnson said that the guidance changed as they learned more about the virus.

However, Sir Keir responded that the “government was just too slow to act” on care homes.

Reality Check has looked in detail at the guidance and policy on care homes for testing, personal protective equipment and visits to care homes.

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SNP Westminster Leader Ian Blackford is asking his questions to the PM by video link from his constituency.

He urges the prime minister to extend the furlough scheme, whereby the government supports those who are unable to work due to the coronavirus.

"Millions could find themselves struggling to put food on the table," he says.

I think that you cannot go on forever with a furlough scheme which keeps employees in suspended animation," replies Boris Johnson adding "we need to get our economy moving again."

Mr Blackford accuses the PM of being "intent on sinking the lifeboat that has been keeping millions afloat" and says powers over the furlough scheme should be given to the Scottish government.

The prime minister reiterates that it is "essential to get the economy moving".