Reeves cuts VAT on summer days out to 5% as part of cost of living support

Chancellor says she will raise tax on global oil giants to help meet costs of plans and confirms freeze on fuel duty increases

• Business live – latest updates

Rachel Reeves will cut VAT to 5% on summer attractions such as theme parks and softplay centres during the school holidays, as she aims to ease the impact of the war in Iran on cash-strapped households.

The chancellor told MPs on Thursday she would also raise more tax from global oil firms operating in the UK, to help meet the costs of her plans.