- Rachel Reeves, the Chancellor, is introducing a package of measures to alleviate the cost-of-living crisis exacerbated by the Iran war.
- The government will cut import tariffs on over 100 products, including biscuits and chocolate, which is expected to save consumers more than £150 million annually.
- A 'Great British Summer Savings' scheme will provide free bus travel for children aged five to 15 across England during August, funded by over £100 million.
- These initiatives aim to counter rising prices, with the household energy price cap predicted to increase by £209 a year from July due to the Middle East conflict.
- While inflation recently dropped to 2.8% in April, it is forecast to surge again, and ministers are cautious about universal bailouts, favouring targeted support later in the year.
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