Energy
UK Chancellor Reeves Cuts VAT on Attractions; IEA Warns Oil Markets Nearing 'Red Zone' Amid Iran Crisis (May 22, 2026)
Chancellor Rachel Reeves has announced a temporary reduction of VAT on summer attractions to 5%, aiming to alleviate cost-of-living pressures exacerbated by the war in Iran [5]. Concurrently, the International Energy Agency (IEA) has issued a warning that global oil markets are approaching a "red zone" by July and August, citing surging demand and reduced Middle East exports [7]. These developments unfold as the UK grapples with escalating infrastructure costs and debates...