Streeting Calls

MP says current system is unfair and his idea would result in a ‘wealth tax that works’UK politics live – latest updatesFormer health secretary Wes Streeting has set out plans for a “wealth tax that works”, by equalising tax on assets and income.Streeting said the current system – in which capital gains tax is generally much lower than income tax – was not fair and penalised work, arguing the taxes should be equalised. Continue reading...

Treasury’s Lucy Rigby says Rachel Reeves introduced measures in her first budget as Streeting calls for capital gains rates to be aligned with income taxGood morning. It’s a big day for Rachel Reeves, the chancellor. In a Commons statement, she is announcing a series of measures to help people with the cost of living. She wants people to enjoy a “Great British summer”, she says. Reeves’s plan for what makes for a good summer is not quite the same as Samantha Niblett’s; the chancellor is talking about free bus travel for children, as Heather Stewart, Peter Walker and Sarah Butler report in their preview.Reeves is speaking after 11.30am.We already tax wealth in this country. The chancellor introduced a host of measures in her first budget, and then further measures in the last budget as well, that try and make sure that tax is as progressive and fair as possible. Continue reading...

Ex-health secretary, who is expected to launch leadership bid soon, condemns ‘heavy-handed’ approachWes Streeting has launched a scathing attack on what he described as Keir Starmer’s “heavy-handed” leadership culture, which he claimed had stifled creative policy thinking in government.Streeting criticised the effectiveness of Labour’s first two years in power – all of which he has spent in cabinet – saying Labour “arrived in government underprepared in too many areas and lacking clarity of vision and direction”. Continue reading...