UK Chancellor Reeves stands ready to act if market conditions worsen later this year
- Establish a GBP 350mln fund for critical chemical resilience, a GBP 150mln fund for ceramics industry.
- Must ensure those who benefit from energy price volatility pay their share.
- Bringing forward changes to taxation of foreign branch profits.
- Expects these reforms to raise hundreds of millions of pounds per year.
- Announces 10p per mile increase in tax-free mileage rate.
- Announces temporary cut to VAT on some attractions from 20% to 5%.
- Changes will apply from June to 25th to September 3rd.
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