6:31 am, May 22, 2026
VAT slashed to 5% on summer attractions in chancellor’s cost-of-living plan
Rachel Reeves has announced a cut in the rate of VAT on tickets for theme parks, zoos and museums from 20% to 5% over the summer holidays.
The chancellor set out the measure as part of a package aimed at easing the impact on the cost of living from the Iran war.
Sir Keir Starmer said the support would give families concerned about the months ahead ‘a bit of breathing room’ to ‘enjoy moments that matter without the same level of financial strain’.
Slight improvement in consumer confidence amid ‘clear challenges ahead’
A fall in inflation led to a slight improvement in consumer confidence this month amid warnings of ‘clear challenges ahead’.
GfK’s long-running Consumer Confidence Index rose by two points in May, but is still four points lower than this time last year at minus 23.
Despite confidence in the general economy over the coming year rising five points, it remains five points lower than last May at minus 38, while confidence in personal finances over the next 12 months is up two points to minus two, four points down on a year ago.
Cupra Raval goes on sale
Cupra’s Raval electric hatchback has gone on sale priced from £23,785.
The entry-level Origin model gets a 37kWh battery, while next level V1 models come with the option of a 52kWh battery. These larger battery models get are also eligible for the government’s £1,500 Electric Car Grant, and start from £28,495 post-grant. The range tops out with the £34,810 VZ Extreme.
Cupra says the first 100 100 retail customers who pre-order a Raval will receive a complementary Harper Collective x Cupra cabin suitcase, worth £1,125.
The markets
The FTSE 100 ended a see-saw session in the green, as rising mining stocks offset disappointing earnings and a higher oil price.
The FTSE 100 closed up 11.13 points, 0.1%, at 10,443.47. The FTSE 250 ended up 109.54 points, 0.5%, at 22,947.92, and the AIM All-Share rose 3.83 points, 0.5%, at 796.64.
The pound traded at 1.3401 US dollars on Thursday, down from 1.3456 dollars on Wednesday. Against the euro, sterling eased to 1.1566 euros from 1.1568 euros on Wednesday.
Airport workers back strike action during World Cup and Commonwealth Games
Nearly 700 airport workers in Edinburgh and Glasgow have backed strike action during the peak summer holiday season, including during the World Cup and the Commonwealth Games in Glasgow.
Unite the union said on Thursday it will announce strike dates in the coming days, but said industrial action is expected to occur over the course of the two major events.
About 370 workers employed by Edinburgh Airport Limited, and about 320 workers employed by ICTS and Menzies Aviation in Glasgow, have backed strike action over ongoing pay disputes.
Traffic jams expected on popular tourist routes as bank holiday getaway begins
Roads to popular tourist destinations are expected to become congested as the bank holiday getaway begins.
The AA has estimated 23.4m car journeys will take place on Friday. The RAC expects leisure traffic to peak on Friday and Saturday.
It highlighted likely traffic blackspots to include routes heading towards east coast destinations such as Skegness, the M4 from London towards Wales, and the M6 towards the north-west coast.
Thursday on Car Dealer
Autotrader profits near £393m but admits Deal Builder roll-out hurt numbers
Autotrader saw its revenues leap and profit surge after pushing up the cost of advertising in April last year.
Close Brothers delivers ‘solid’ performance in Q3 as finance redress provision hits £320m
Close Brothers has increased its provision for motor finance commission compensation to an eye-watering £320m.
Motorway expands into remarketing as boss says sector is ‘well overdue a rebuild’
Motorway has launched a new enterprise remarketing service after agreeing a new partnership with Mobilize Financial Services.
JLR teams up with Stellantis as carmakers agree new product development deal
JLR is to team up with Stellantis after the two automotive giants agreed a deal to work together on product development.
Weather
Northern areas will be cloudier today with scattered showers turning heavier later, while England and Wales enjoy warm sunny spells, reports BBC Weather. Breezy conditions continue, especially in the north and west.
Tonight, rain spreads across Scotland and Northern Ireland into northern England and Wales, followed by clearer spells, mist and fog in western areas.
