Chancellor Rachel Reeves unveils a summer savings scheme with VAT cuts for kids' meals and leisure, free bus travel, a fuel duty freeze, and support for chemicals and ceramics, funded by closing a tax loophole on multinationals. The £1.6bn package aims to ease cost-of-living pressures.
UK Chancellor Rachel Reeves unveiled a £300m 'Great British summer savings' plan, cutting VAT on attractions and children's meals, offering free bus travel for under-16s, and postponing fuel duty increases. The scheme aims to ease the impact of the war in Iran on households.
The UK government extends 5p fuel duty cut until year-end due to global oil supply pressures exacerbated by the US-Israel war in Iran, with additional cuts for red diesel and an HGV tax holiday.
Keir Starmer announced an extension to the 5p fuel duty cut and a 12-month vehicle tax holiday for hauliers, citing cost-of-living pressures and the impact of the US-Israeli attack on Iran on fuel prices.
UK public finances are under pressure from the Iran war, with experts predicting higher government borrowing due to increased energy prices and debt interest, despite a recent small drop in the annual deficit.
