Chancellor Rachel Reeves has unveiled a new cost of living support package, but experts are suggesting the initiative is not enough as Britons face "continued uncertainty"/
The Chancellor will address the House of Commons later today to confirm a temporary suspension of import duties on more than 100 food products and the launch of what ministers are calling the "Great British Summer Savings" scheme.
Consumers can expect lower prices on items including biscuits, chocolate, dried fruit and nuts, with the tariff cuts projected to deliver annual savings exceeding £150million.
The summer programme will provide complimentary bus travel for children across England during August, offering relief to families grappling with rising costs as global energy prices continue climbing.
The Chancellor has unveiled a cost of living package for the summer
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The complete roster of affected products will be released next week, though Treasury officials have confirmed the suspension will encompass popular items such as biscuits, chocolate, dried fruits, and nuts.
Chief Secretary to the Treasury Lucy Rigby refused to predict exactly how much shoppers might save on individual items when speaking to BBC Radio 4's Today programme.
She said: "We can't be exact about that, because obviously it's about how supermarkets set their pricing."
The temporary measure will cost the Exchequer approximately £40million, according to Ms Rigby.
The US-Iran war has caused oil prices to spike across the world's energy markets | ReutersLATEST DEVELOPMENTS
Britons continues to grapple with the cost of living | GETTYThe tariff suspension forms part of the Government's broader strategy to combat inflation driven by the Middle East conflict, which has disrupted global supply chains and pushed up commodity prices following the closure of the Strait of Hormuz.
Notably, the free bus travel initiative will enable all children between five and 15 years old to use participating local bus routes throughout England during the August school holidays.
Ms Reeves has allocated more than £100million to cover the cost of free fares and assist bus operators dealing with their own rising expenses.
Charlotte Kennedy, a chartered financial planner at Rathbones, said: "The Government has announced pre-emptive measures to quell the fresh cost of living wave set to hit personal finances this summer, largely driven by the conflict in the Middle East.
A fifth of the world's oil and gas passes through the Strait of Hormuz before the blockade | GB NEWS"These measures are aimed at limiting price rises in areas of inflation that are often unavoidable for many households, such as food and travel.
"However, while any targeted support will be welcomed by many households, the impact of rising prices is unlikely to be felt evenly. Lower-income families and those already spending a larger share of their income on essentials may continue to face significant pressure on household budgets.
"It is also worth remembering that everyone experiences inflation differently, depending on their individual spending habits. As such, it remains important to keep a close eye on your finances to maintain financial resilience.
"This may include reviewing regular outgoings, prioritising high-interest debt repayments where possible, and building up a rainy-day fund - with three to six months’ worth of living expenses often considered a good rule of thumb.
“While short-term support measures may help ease immediate pressures, households should remain prepared for continued uncertainty in energy and commodity markets over the months ahead.