Over 100 food products are set to get cheaper under proposed tariff cuts. It comes as prices continue to soar amid the ongoing conflict in the Middle East, with Brits feeling the pinch at supermarket checkouts.
Chancellor Rachel Reeves has now promised to cut the cost of “everyday essentials”, ranging from garlic and sweet peppers to mixed nuts, bread and olive oil. The support was announced by Ms Reeves last week and a list of 125 items set to see targeted cuts to tariffs has now been published. The Treasury will consult on the proposed changes, with a consultation running until June 24.
As reported by the Mirror, Ms Reeves said: “The war in Iran isn’t our war, but one we will need to respond to, and my priority is keeping prices down for households and businesses. That’s why we’re freezing fuel duty, increasing the mileage rate for the first time in 15 years and slashed VAT temporarily this Summer to help reduce the cost of days out.”
Other items earmarked for potential tariff removal include olives, limes, figs and dried apricots. Chewing gum, throat pastilles, quinoa and cocoa powder are also included.
British farmers continue to grapple with increased costs caused by the closure of the Strait of Hormuz. This has led to higher supermarket prices, with the Labour Government also considering the suspension of tariffs on certain fertilisers to give them extra support.
As well as cutting tariffs, Ms Reeves announced other measures, including the uprating of tax-free mileage. The rate will rise from 45p to 55p per mile for the first 10,000 miles.
Fuel duty will also be frozen until the end of the year, postponing a scheduled 5p rise from September. The Chancellor also confirmed a cut to VAT on children’s meals in restaurants as well as relief for red diesel.