The upcoming budget is a chance to delivering real, lasting improvements for people.

Across the country, families are struggling to get by, children are going to bed hungry, and millions cannot keep their homes warm, while the ultra-wealthy continue to get richer, and inequality grows. The Chancellor has a chance to change that in the upcoming budget, by taxing extreme wealth fairly, tackling the cost-of-living crisis, and delivering real, lasting improvements for people.

This cannot be viewed in isolation. By continuing real terms cuts to public services, Labour has pushed people who were already struggling even deeper into poverty while those who need support the most are often unable to access it. You only need to look at the scandal in our Special Educational Need (SEND) system to see one example of the consequences.

This is a system that successive governments have failed to get a grip of. Recently, I joined parents and campaigners outside Norfolk County Hall for Every Pair Tells a Story. The steps of County Hall were lined with rows of empty shoes, each pair representing a child who has been failed by the SEND system. It was moving and powerful to hear parents talk about the struggle to secure even the most basic support for their children. At the same time, the number of families in Waveney Valley who rely on foodbanks has grown by 50% since 2019. Meanwhile, the wealthiest in Britain continue to grow richer. Billionaire wealth rose by £35 million a day last year, and the fifty richest families now hold more wealth than half the population combined.

So, I find it hard to believe when Ministers keep insisting there is not enough money to lift children out of poverty, to properly fund our schools, or to provide vital support for people with disabilities. The Chancellor's self-imposed fiscal rules are not putting the markets at ease, nor are they delivering for people, nor helping the economy advance into the greener future we need. For politics to mean anything it must deliver for people. That is why this week I joined other Green Party MPs, our leadership and Council Leaders and Deputy Leaders from around the country in calling on the Chancellor to tax wealth fairly, end the cost-of-living crisis, and deliver real change now.

Our wealth tax measures alone would raise over £30 billion a year and form part of a broader package of reforms to tackle the growing inequality in the UK. This includes introducing a wealth tax of 1 per cent on assets over £10 million and 2 per cent on assets over £1 billion, which could raise at least £14.8 billion annually. It also means changing Capital Gains Tax, currently the lowest in the G7, so that income from work is not taxed more than income from wealth. This change could raise around £12 billion a year. We have also called on the Chancellor to introduce National Insurance on investment income, in line with employment income, which could raise at least £6.1 billion per year. It should not be radical to expect that those with the broadest shoulders pay their fair share.

In addition to reforming the tax system to make it fairer, those doing the most damage to our environment should not be subsidised to continue the destruction of our natural world. This is why we would end financial handouts to fossil fuel producers, saving an estimated £2.7 billion each year. We have also called on the Chancellor to tax windfall profits of UK retail banks. This could raise around £11.3 billion this year from Britain’s big four banks alone.  

These tax measures will enable the government to take urgent action to tackle the cost-of-living crisis. We are calling on them to commit to both immediate and long-term measures that meaningfully address rising costs and lift children out of poverty.

Firstly, we would move policy costs off electricity bills. But instead of scrapping funding for home insulation to cover this, like the government is rumoured to be thinking about, we are calling on the Chancellor to pay for these policy costs through taxation, including wealth taxation. This move would cut a household’s electricity bill by around 17%. For a ‘typical’ household this could mean a £156 cut per year.

We would also go further, ending the link between gas and electricity prices which pushes electricity prices up, and means many ordinary people aren’t feeling the full benefits of the growth of cheaper renewables. According to Greenpeace, this could cut bills by £5.1 billion annually within two years. Or £65 per year for the average household.

We should invest in a mass retrofit revolution, led by local authorities, to insulate every home, street by street. This would not only save people money on their bills, but crucially, it would also support local economies by creating good, high-quality jobs across the country.

We would also scrap the cruel two-child benefit cap, lifting 330,000 children out of poverty, and introduce free school meals for all primary and secondary school children. Families from all backgrounds struggle with food insecurity, and this measure would not only save households £490 per child per year but also ensure that every child in the country receives at least one hot meal at school every day.

In politics, it all comes down to choice. We can choose to keep people in poverty while billionaire and multimillionaire wealth grows ever larger, or we can choose to lift people out of poverty and begin addressing the structural issues in our society. In next week’s budget, this Labour government has only one morally right option: tax wealth fairly, tackle the cost-of-living crisis head on, and rebuild our country for the better.