Rachel’s Brexit Benefit Bonanza

The UK Chancellor, Rachel Reeves, has announced a package of "Great British Summer Savings" today, aimed at reducing costs for parents over the school holidays this summer. The package of changes includes:

• Reduced VAT on family attractions such as zoos, theme parks and museums, from 20% down to 5%
• Reduced VAT on children's meals in restaurants and cafes
• Reduced VAT on children's entry to cinemas, theatres and soft play
• Free travel on participating local bus services, for children aged 5-15

The above announcements were made to also coincide with more details being released on import tariff reductions, which will see around 125 agri-food goods such as biscuits dried fruits and nuts get a reduced tariff rate when imported into the UK.

Britain Unbound recognise and appreciate that the VAT reductions and the tariff suspensions would not be possible as EU members, and so wish to congratulate the Labour government on yet again demonstrating the benefits of Brexit.

Links

• Read the HM Treasury policy paper on the VAT reductions
• Read the EU's rules on VAT rates and member state obligations