Southwark Labour has welcomed Chancellor Rachel Reeves’s budget, which will help alleviate child poverty in Southwark and assist local residents with rising bills.
Rachel Reeves today announce that Labour would lift the two-child cap on families receiving universal credit, which will help over 8,000 children living in poverty in Southwark and over 500,000 across the country.
The Chancellor’s budget also includes new measures to help families with rising bills, removing some levies on energy and expanding the Warm Home Discount. This will mean local people in Southwark will save an average of £150 on energy bills – helping alleviate the rising cost of living.
Rejecting austerity, Rachel Reeves also announced a job guarantee for every young person aged 18-21 who wants one.
To fund these measures, Labour is ensuring the wealthiest pay their fair share of tax to help those who are most vulnerable. There were 47 new wealth taxes announced in the budget, including a new council tax band for homes worth over £2 million.
The new council tax band is expected to affect the wealthiest 1% of homeowners in Southwark.
Reacting to the budget, Cllr Sarah King, Leader of Southwark Labour said:
“Helping the most vulnerable and ensuring the wealthiest pay their fair share of tax is fundamental to what we stand for in the Labour Party. As prices rise it is essential that we do everything we can make Southwark a borough everyone can afford to call home.
Asking the wealthiest 1% to pay a bit more to help over 8,000 children living in poverty in Southwark is the right thing to do and I welcome the Chancellor’s bold steps toward alleviating child poverty in our borough.”