Rachel Reeves

Rachel Reeves

Labour — Leeds West and Pudsey

Speaking in the House of Commons on 10 March 2026

Debate

Cost of Living: Families

Contribution

In my first Budget, I changed a number of taxes to ensure that the wealthiest are paying their fair share. We increased capital gains tax, reduced the number of tax loopholes, introduced VAT and business rates on private schools, extended the energy profits levy and got rid of the exemptions for private equity. In the Budget last year, I did more than any Chancellor has ever done to take children out of poverty. In the course of this Parliament alone, more than half a million children will be lifted out of poverty. I am proud to be the Chancellor who has delivered that.

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