UK Chancellor Reeves stands ready to act if market conditions worsen later this year

Establish a GBP 350mln fund for critical chemical resilience, a GBP 150mln fund for ceramics industry. Must ensure those who benefit from energy price volatility pay their share. Bringing forward changes to taxation of foreign branch profits. Expects these reforms to raise hundreds of millions of pounds per year. Announces 10p per mile increase in tax-free mileage rate. Announces temporary cut to VAT on some attractions from 20% to 5%. Changes will apply from June to 25th to September 3rd.