Live Updates as Chancellor Rachel Reeves Unveils Cost of Living Plan
The package also cuts tariffs on more than 100 products and is expected to save consumers more than £150 million a year, officials said.
- On Thursday, Chancellor Rachel Reeves announced the "Great British Summer Savings" scheme, featuring VAT cuts from 20% to 5% on attractions, free bus travel for children aged five to 15 in England throughout August, and tariff reductions on over 100 food products.
- Conflict in Iran pushed global fuel prices higher, prompting the intervention as officials anticipate energy costs will surge from July; inflation fell to 2.8% in April but is expected to rise sharply once price caps increase.
- The Treasury is committing more than £100 million to fund free bus fares and support bus services, while the temporary VAT cuts on children's meals and attractions are expected to cost £300 million through September 1.
- Prime Minister Sir Keir Starmer said the plan puts "money back into people's pockets," yet opposition critics labeled the policy "half-baked," arguing free travel for one month is merely a "drop in the ocean" for struggling families.
- Analysts at Cornwall Insight predict the energy price cap could jump to around £1,850 from July, yet the Government is not expected to announce further targeted support for rising energy bills until September.
22 Articles
22 Articles
Full list of discounts and freebies included in the 'Great British Summer Saving
The UK government has announced a series of initiatives aimed at helping families enjoy days out this summer. They include free bus travel for kids and a widespread VAT cut on a range of activities.
Reeves allies unleash on Miliband in battle for Britain’s Treasury
LONDON — Chancellor Rachel Reeves must not be “torpedoed” if Keir Starmer is removed as Britain’s prime minister, her allies are warning — as they unleashed a barrage of criticism against a would-be successor as Britain’s top finance minister. Ed Miliband is now firmly in the sights of Chancellor Reeves’ supporters in parliament. The energy secretary is seen as positioning himself to lead the Treasury if Greater Manchester Mayor Andy Burnham suc…
Telegraph & Argus
Cheaper biscuits, chocolate and free buses - families to get help in new £150m plan
Chancellor Rachel Reeves has unveiled a new “Great British Summer Savings” package as experts warn household energy bills could rocket by another £209.
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