What time Rachel Reeves will announce new cost of living support on Thursday

Chancellor Rachel Reeves is to announce new cost of living support for people across the country on Thursday in a bid to offset the impact of the war in Iran. The plan coiuld see millions get free bus travel, while the price of doizens of every day foods will come down.

The Government is cutting import tariffs on more than 100 types of product in a move that is expected to save consumers more than £150 million a year. The Chancellor will also set out a “Great British Summer Savings” scheme, including free bus travel for children in England during the school holidays in August.

In the Commons on Thursday, Ms Reeves will give details of policies to tackle the cost-of-living squeeze triggered by Donald Trump’s war in the Middle East but is not expected to announce immediate help with rising energy bills. Ms Reeves may set out more details of her contingency planning but she is expected to wait until September before finalising any package of targeted support for households over the winter months, when more energy is used.

The plan to suspend tariffs on some food imports is part of the Government’s wider effort to combat rising prices. The full list of products will be published next week but is expected to include biscuits, chocolate, dried fruit and nuts.

The free bus travel scheme will allow every child aged five to 15 in England to travel on participating local routes. The Chancellor is committing more than £100 million to fund the free fares scheme and to support bus services facing increased costs.

Ms Reeves said: “My number one priority is protecting households from rising costs. This summer I want every family to be able to enjoy themselves, that’s why we’re launching the Great British Summer Savings Scheme, and why we’re helping kids with free bus travel throughout August.

“As the war in Iran pushes prices up at home, my economic plan is the right one. I will continue to make the right choices, to protect households and businesses, and build a stronger and more secure Britain.”

The latest package comes after the Government announced an extension of the 5p cut in fuel duty until the end of the year, along with a tax break for hauliers and help with red diesel costs for farmers.

Chancellor Rachel Reeves will announce measures to ease the cost of living to the Commons on Thursday at 11.30am