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

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 tax

Good 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.