Labour’s summer savings scheme is good PR but no game-changer

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In its latest attempt to ease the worries of households awaiting higher energy and food bills, Labour will temporarily reduce VAT from 20% to 5% on family attractions across the UK. Theme parks, zoos and museums will be discounted over the summer holidays, while children under 16 will enjoy free bus travel in August. Import tax will also be cut on some basic foods. Despite the shininess of the announcement, the savings are expected to be negligible: roughly £10 per UK household. This summer, a typical gas and electricity bill is forecast to rise by £17 per month.