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

Reeves said the summer attractions that would benefit from the temporary VAT reduction included theme parks, museums and soft play venues. Photograph: Don McPhee/The Guardian

Rachel Reeves will cut VAT to 5% on summer attractions such as theme parks and soft-play 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.