The Rachel Reeves "Fun" Tax Cuts
Newscast
BBC
4.3 • 6.6K Ratings
🗓️ 21 May 2026
⏱️ 29 minutes
🧾️ Download transcript
Summary
Today, the chancellor Rachel Reeves has announced a series of measures aimed at reducing the costs for families in the summer holidays.
Ticket prices for families at various attractions such as theme parks, zoos and museums will be cheaper during the summer holidays through a cut to VAT, the chancellor has said. The government didn’t however announce any major package of support aimed at energy costs.
On Thursday it was also revealed that UK migration had dropped to 171,00 almost half of 2024’s figure. Adam, Chris, Joe Pike and Helen Miller from the Institute for Fiscal Studies discuss.
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Transcript
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| 1:12.0 | Hello, it's Adam in the newscast studio. And it is Chris in the newscast studio. And it's Joe Pike, also in the newscast studio. And we're joined by Helen Miller, director of the Institute for Fiscal Studies. Hello. Hello. And it's your favourite day of the year, Helen, when there's a political debate about capital gains tax. I live for these days. |
| 1:27.0 | Love talking about. |
| 1:28.5 | But before we get into tax, |
| 1:29.9 | actually, no, there is a tax debate about capital gains tax, which you love talking about. |
| 1:28.5 | But before we get into tax, actually, no, there is a tax element to the first thing we're going to talk about. |
| 1:33.2 | Rachel Reeves is doing a sort of doing a jet too and taking money off people's summer holidays. |
| 1:38.7 | Yeah. |
| 1:38.9 | If they're in the UK and they're with their kids and they're going out for the day. |
| 1:42.1 | Yes. And in her announcement today, she managed, |
| 1:46.1 | and her team were quite surprised about this on the upside, they managed to keep a kind of rabbit |
| 1:50.6 | in the hat to actually announce this, this whole thing about this, this cutting V8, this |
... |
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