Rich already being taxed properly, says minister, as Streeting calls for wealth tax that works' UK politics live

Rachel Reeves, the chancellor, announces measures aimed at helping people with the cost of living, including free bus travel for children. She frames the plan as enabling people to enjoy a Great British summer. Wes Streeting, another Labour MP, promotes a proposal described as a wealth tax by aligning capital gains tax rates with income tax rates, which he says could raise up to £12bn a year. Lucy Rigby, chief secretary to the Treasury, responds that wealth is already taxed in the UK through measures introduced in Reeves’s budgets. The day’s agenda includes selecting MPs for private member’s bills and publishing long-term migration figures by the Office for National Statistics.

"Reeves is speaking after 11.30am. In the meantime, another Labour MP with ambitions to run the economy has been speaking out. Wes Streeting has given an interview to the BBC's Nick Robinson for his Political Thinking podcast and he had a lot more to say about his policy agenda than he did in his resignation speech in the Commons yesterday."

"As the BBC reports, Streeting proposed a wealth tax that works by which he means not what most people think of as a wealth tax (the Green party version a tax on assets about a certain amount), but instead aligning capital gains tax rates with income tax rates. Streeting said this proposal which is broadly the same as one of the main proposals in the Labour Growth Group's report last week could raise up to 12bn a year."

"Lucy Rigby, the new chief secretary to the Treasury, was giving interviews this morning. Asked about Streeting's proposal, she said she had not heard his interview, but she suggested Reeves was already taxing wealth. She told the Today programme: 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."

"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."

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