Will summer VAT savings scheme make family days out any cheaper?

The government said the £300m Great British Summer Savings scheme, which also includes free bus travel for children aged five to 15 in England, would help families with the cost of the summer holidays until 1 September.

VAT has been reduced on children’s meals served in restaurants as well as kids’ and family tickets for cinemas, shows, exhibitions and outdoor venues and activities.

Attractions run by local authorities are already exempt from VAT so are not affected by the scheme.

Susanna Streeter, a financial expert from Bristol-based Wealth Club, said the summer of savings should help lighten the financial burden for families during the school holidays.

“Inflation may have cooled, but household budgets are still running hot after years of rising prices, so a temporary VAT cut on children’s meals, entertainment and attractions should help take some of the sting out of the summer holidays,” she said.

She added that the savings have arrived just when they are needed most, given than children’s charity Coram estimates holiday costs now cost £191 per child per week, external – or £1,145 for the six-week summer holiday.

For parents who are able to take annual leave, Streeter said a “DIY approach” – by keeping children entertained with picnics, local attractions and low cost days out could prove “far better value”.