0:05 AM, 5th November 2024, About a month ago 14
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Rachel Reeves, the Chancellor of the Exchequer, and her husband are earning £74,000 annually from rental income, The Telegraph reveals.
The revelation comes shortly after Ms Reeves introduced a Budget that significantly impacts landlords and second home buyers with increased stamp duty costs.
The newspaper reveals that the Chancellor is believed to receive more than £6,000 per month from two rental properties.
Ms Reeves, who lives with her family in Downing Street, rents out her former family home in South London for around £3,200 a month.
Her husband, Nicholas Joicey, a senior civil servant, has been letting his central London flat since 2011, which now commands nearly £3,000 a month in rent.
Together, their rental income is more than four times the average landlord’s earnings of £16,500 and double the average UK salary of £37,000.
The Budget also raised the stamp duty surcharge for additional properties from 3% to 5%, adding substantial costs for landlords buying rental properties.
Conservative MPs have voiced their discontent, highlighting the disparity between Ms Reeves’s personal financial gains and the financial burdens placed on landlords and homeowners.
The Telegraph quotes Conservative MP Ben Obese-Jecty as saying: “Having just announced a deeply unpopular Budget that has caused mortgages to rise, how does the Chancellor justify the £74,000 rental income of her and her husband’s London properties whilst living rent-free in Downing Street as their mortgages are paid for?
“It’s no wonder she abstained from the most recent vote on the Renters’ Rights Bill.”
Fellow Tory MP Greg Smith said: “Classic Labour party do as I say, not as I do. I’m all right Jack, now I’m going to pull the drawbridge up.
“Yet another Labour action that doesn’t pass the sniff test.”
Lewis Cocking, a Conservative MP on the housing committee, told the Telegraph: “By disincentivising good landlords entering the market, the Chancellor’s Budget will just make renting more difficult and more expensive.
“This is yet another way that the Government is failing working people.”
Critics argue that the Budget’s measures will discourage good landlords from entering the market, making renting more difficult and expensive for tenants.
The Telegraph also reveals that Ms Reeves’s rental property has an energy performance certificate rating of ‘D’, which will need improvement to meet Labour’s goal for all PRS to achieve a ‘C’ rating by 2030.
A Labour Party spokesperson told the newspaper that the Chancellor’s rental incomes have been declared in accordance with the rules.
Jason
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Sign Up10:00 AM, 5th November 2024, About a month ago
Click bait as we all know these are gross numbers, so it doesn’t actually show what profit is being made however it would be nice to see their tax bill since section 24. Maybe it would change her mind when its self assessment time! Lol
Suicide Jockey
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Sign Up10:36 AM, 5th November 2024, About a month ago
Looking on the official Labour website it says: 'Change begins'.
So Labour is for the working man and woman. Rachel Reeves and partner are in Labour for what they can get out of it, and by the looks of it, it's quite a tidy monthly sum. More than the monthly income of us working peasants. So no change there then.
It's about time someone stood up to these false politicians and literally 'drain the swamp'. The numpties who voted for Labour deserve every thing they get under this new socialist regime.
John Tidswell
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Sign Up11:10 AM, 5th November 2024, About a month ago
I am sorry to say, it was the Conservatives that brought in many of the changes which have had a detrimental effect on Landlords, the Labour Party are just continuing with same Landlord bashing policies
Andrew Jones
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Sign Up11:12 AM, 5th November 2024, About a month ago
A 67% rise in stamp duty! I am no longer seriously considering buying another BTL, but will more likely be selling those I already have, hopefully I will have possession when that time comes. Not sure things would have been any better under the Tories though, as - wasn't it them who introduced the extra 3% on BTL property (April 2016?) and the start of reducing mortgage relief in 2017, so Labour are really just carrying on what the Tories started - just going straight for it within months of getting in. I think it's all politicians who are lacking in sense.
As usual, punish the good landlords along with the bad, except the bad ones will probably not be paying tax anyway. This is really not going to help with homelessness either, as more landlords sell up!
JaSam
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Sign Up12:15 PM, 5th November 2024, About a month ago
I look forward to the day she gets booted out of no11 and needs to issue a S8G1. 🙂
PH
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Sign Up12:41 PM, 5th November 2024, About a month ago
Hopefully her next EPC assessor is a Labour hater !
Cider Drinker
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Sign Up15:20 PM, 5th November 2024, About a month ago
So, she doesn’t EARN £74,000. That would be their gross rental income
I’d assume they pay tax and have other expenses associated with the lettings business.
Vibha Spal
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Sign Up0:11 AM, 6th November 2024, About a month ago
By the way she also used tax payers money to pay for the accountancy fees
Reeves is ok with her rent free accommodation and getting rent on her properties. And government calls themselves as leaders who preaches but cannot practice. We are unapproachable, we do what we please. Working people have no rights.
David100
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Sign Up10:18 AM, 6th November 2024, About a month ago
Reply to the comment left by Cider Drinker at 05/11/2024 - 15:20
All earnings are quoted pre income tax. If you said you got paid £30k as a van driver, nobody would think that was after tax.
david porter
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Sign Up8:32 AM, 9th November 2024, About 4 weeks ago
Her husband has a title and earns £174k
and so they have a joint pre tax of perhaps £400k pa HIS FLAT IS IN Little VENICE
Good for working families?
We are all in this together?