the Chancellor said that action was needed to protect jobs, but admitted there would be a "dead weight" cost of the job retention bonus from firms who would have retained their staff anyway. In a BBC interview the day after delivering the statement, Sunak said that he would not be able to protect "every single job" and that the UK was entering a "severe recession". Aftermath On 12 July, the High Street clothes retailer Primark became the first major company to say it would not take advantage of the jobs retention bonus, which would allow it to claim up to £30m from the government. Primark had placed 30,000 of its employees on furlough during the pandemic, but had since brought them all back to work. The company's announcement put pressure on other large employers to make similar announcements. On 19 July, property website Rightmove and catering firm Compass announced they would also not claim money from the scheme. The temporary cut in value-added tax for the hospitality industry, worth £4bn, came into force on 15 July and was to last until 12 January 2021. Nando's, Pret a Manger, KFC and McDonald's were among the firms to announce price reductions as a result. Notes References July 2020 events in the United Kingdom 2020 07 2020 in British politics 2020 government budgets COVID-19 pandemic in the United Kingdom Economic responses to the COVID-19 pandemic Rishi Sunak