How UK Government Is Attempting To Address Cost Of Living Crisis

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 the measures chancellor Rachel Reeves unveiled this week as part of her £300 million “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 2022.

Now, with a fresh energy crisis emerging from the Middle East conflict, the government has decided to extend the scheme.

Red diesel duty will also be cut by one-third and road hauliers will receive a year’s grace on road tax to help........

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