How Is The Government Trying To Ease The Rising Cost Of Living? |
How Is The Government Trying To Ease The Rising Cost Of Living?
Rachel Reeves is championing a "Great British Summer Savings" scheme.
Political Correspondent
Labour has announced a raft of measures to help alleviate the soaring cost of living for Brits this week.
It comes as Donald Trump’s war against Iran, and the subsequent blockade of the Strait of Hormuz, continues to impact the global economy.
The waterway usually transports around 20% of the world’s oil and 25% of its liquefied national gas supplies, meaning its effective closure has hit energy-dependent countries everywhere.
A food security crisis is looming as a result, and the UK’s household energy price cap is expected to rise by £209 a year from July.
Here’s a look at measures the government has already announced and what chancellor Rachel Reeves is expected to unveil later on Thursday in her “Great British Summer Savings” scheme.
The government announced on Wednesday that it will keep the current 5p cut on fuel duty until the end of the year.
The reduced tax rate for petrol and diesel was meant to be phased out in September.
The policy was announced by the previous Conservative government to help ease the impact of the Russia’s invasion of Ukraine in........